GST: Deadline for paying taxes, filing returns extended
What's the story
Providing relief to many businessmen, the government has extended the deadline for paying GST taxes to August 25. For taxpayers who are due credit for past taxes under form TRANS 1, the new deadline for filing returns is August 28. The decision was taken considering the GST portal at www.gst.gov.in faced technical glitches due to huge rush as the earlier deadline (August 20) neared.
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As earlier deadline neared, portal witnessed heavy rush
To avoid repetition of the issue, the finance ministry has urged taxpayers to "kindly file their return well before 25th/28th of August 2017 and not wait for the last date".
Businesses
The GST rollout necessitated several changes in business processes
The GST regime brought about several changes in business operations. Since GST is applicable on the movement of goods from one warehouse to another, firms were expected to optimize their supply chain. They had to re-train their workforce, vendors, and partners. With the setting up of an anti-profiteering body, businesses had to revise pricing to ensure reduction in tax burden is passed on to consumers.
Steps
Governments took steps to ease the process for traders
Earlier, to ensure a smooth rollout of the GST, 22 states took down checkpoints that would have otherwise delayed trucks and led to additional costs and time Excise duty exemptions for production units in the northeast and other hill states have been removed, which was expected to shift the focus of industries to places closer to markets or ports.