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Date of filing first GST returns notified

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GST

New Delhi, Aug 10: In line with the recommendations of Goods and Services Tax (GST) Council, the government has notified the date of filing the first GST returns for the month of July and August.

The date of filing returns was extended earlier by the Council by a month to give more time to the taxpayers to come into the system.

Under the GST, three forms — GSTR 1, GSTR 2 and GSTR 3 — need to be filed every month. Accordingly, for the month of July, the three forms will have to be filed between September 1 and 5, September 6 and 10 and September 11 and 15, respectively, according to the notification issued on Tuesday.

Form GSTR 1 would reflect sales of a business, GSTR 2 would reflect purchases and GSTR 3 is a combination of sales and purchases.

For the month of August, the three forms will have to be filed between September 16-20, September 21-25 and September 26-30 respectively.

Apart from these three forms, for the first two months of the GST regime – July and August – the taxpayers also need to file a form GSTR-3B, which is a summary return wherein details of outward supplies, inward supplies, credit and payment of GST is to be given.

The GSTR-3B form for July has to be filed by August 20 while for August, it needs to be filed before September 20.

Though there is no penalty for filing GST returns for the month of July and August, experts are of the view that it will be extremely cumbersome for the trader as he will have to file a total of seven returns in the month of September alone.

“Tax professionals and taxpayers are going to have a very busy season as in next 50 days as the taxpayers are supposed to file multiple GSTR returns. Situation gets complicated as all these returns are being prepared and filed for first time and not enough experience is available even with tax professionals and taxpayers,” chartered accountant and GST analyst Pritam Mahure told IANS.

“It would be quite challenging for the corporates,” he added.

GST Suvidha Provider Payworld which has opened 100 centres across the country to help taxpayers file returns, however said that the Goods and Services Tax Network model is user friendly and will not be cumbersome.

“We have opened 100 GST centres in Gujarat, Mumbai, Delhi, NCR, Punjab, Rajasthan, etc. This number we will increase up to 10,000 this year itself. We charge taxpayers on a subscription model for a year or more than a year,” Payworld COO Praveen Dhabhai told IANS.

“We are live on GSTN portal. We will help and guide taxpayers to file returns. The online and offline model of GST filing is user friendly. It should not be cumbersome for taxpayers,” he added.

For September, the last date for GST return filing for forms GSTR 1, GSTR 2 and GSTR 3 will be October 10, October 15 and October 20 respectively and there is also likely to be a penalty for delayed filing.

IANS

 

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Business

Lower GST rate lift equity indices

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Sensex equity Nifty

Mumbai, July 23: Lower goods and services tax rate on more consumer products, along with broadly positive global cues pushed the key indices of the Indian equity market higher during the morning trade session on Monday.

Around 9.45 a.m., the broader Nifty50 of the National Stock Exchange (NSE) traded at 11,044.20 points — up by 34 points or 0.31 percent — from its previous close.

The barometer 30-scrip Sensitive Index (Sensex), which opened at 36,501.05 points, traded at 36,599.62 points — higher by 103.25 points or 0.28 percent — from its previous session’s close of 36,496.37 points.

Sensex has so far touched a high of 36,623.65 points and a low of 36,491.83 points during the intra-day trade.

IANS

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Finance ministry ask Railways to raise Bullet train funds from market

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Piyush Goyal

New Delhi, July 22: The Finance Ministry has directed the Indian Railways to raise the capital from the market after the Railways sought around  Rs 10,000 crore this year, part of the Government of India’s commitment towards the Rs 1.08 lakh crore mega project.

Multiple between top bosses of the two ministries, the Railways has been told to look for ways to raise the capital from the market, to be repaid by the Finance Ministry later and should not expect it as additional Gross Budgetary Support from the Budget, the Indian Express reported.

The National High Speed Rail Corporation (NHSRCL) requires around Rs 10,000 crore this year mainly for land acquisition, part of the PM Modi’s pet bullet train project. Along with that, there is a commitment of around Rs 5,000 crore towards the Dedicated Freight Corridor project.

The Railways has communicated to the Financ Ministry that it will not be able to bear the yearly interest and associated charges.

If the money will be borrowed from the market at a high rate,the cost of fundingfor the bullet train will escalate which was billed to be “as good as free” owing to the inexpensive Japanese loan.

The work for the bullet train project which will ply over Mumbai-Ahmedabad route started in December 2017, however, since then the project has faced many challenges over land acquisition from farmers backed by local political groups in Gujarat as well as in Maharashtra.

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New 100-rupee note poses fresh headaches for ATM operators

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Rs. 100

Mumbai, July 21 : The Reserve Bank of India’s (RBI) announcement launching a new series of 100-rupee denomination notes has been greeted with trepidation by the major companies engaged in the manufacture and supply of Automatic Teller Machines (ATMs) in the country.

Like the new post-demonetisation Rs 2,000, Rs 500, Rs 200 and the new Rs 50 notes and Rs 10 notes, even the new lavender-coloured Rs 100 is a tad smaller in size compared to the blue-coloured Rs 100 notes currently in circulation.

While the existing Rs 100 notes are sized 157×73 mm, the new ones measure 142x66mm, as per the RBI announcement this week.

“This means that all the 237,000 ATMs in the country would again have to be re-calibrated to dispense the new Rs 100 notes. This entails a massive effort which is both time-consuming and adds to our costs,” Confederation of ATM Industry (CATMi) Director V. Balasubramanian told IANS.

For recalibrating all the ATMs in the country to enable them dispense the new Rs 100 notes, the operators need the concerned bank’s official Cash Agency and an engineer of the machine manufacturer together.

“Though the actual recalibration may take barely 20 minutes per ATM, there are huge logistical issues involved in getting the Cash Agency person and engineer together all the time. Even then, with best efforts they can recalibrate barely 15-20 ATMs per day depending on the banks’ cooperation. So, this will be a huge time-consuming and high-cost exercise at a national level,” Balasubramanian rued.

Hitachi Payment Services Managing Director Loney Antony estimates that the entire recalibration process could cost over Rs 1 billion (Rs 100 crore) and take a minimum of one year to complete.

“In fact, the recalibration of the new Rs 200 notes introduced last year is still not completed in all ATMs, so recalibration of the new Rs 100 notes could take even longer unless planned properly,” Antony cautioned.

The RBI said in its notification that initially, the new Rs 100 notes will be dispensed only through bank branches and printing and supply would gradually increase.

Antony said it is important to have sufficient supply of Rs 100 and Rs 200 notes to ensure there are enough lower denomination currency notes in circulation for all transactions.

Balasubramanian said the ATM industry is grappling with the problem of how to recalibrate the ATMs in terms of the new and old Rs 100 notes and may refrain from doing so till sufficient numbers of the new notes are available.

Euronet Services India Pvt. Ltd. Managing Director Himanshu Pujara said unless all the ATMs are recalibrated, the new notes will not be available through this channel to the people, and recalibration itself is a time-consuming and expensive process for the already struggling industry.

Balasubramanian — who is also the President of FSS Company that manufactures ATMs — said that since the old and new Rs 100 notes will co-exist till the RBI completely withdraws the old notes, “it will be difficult to recalibrate all the ATMs to support the new Rs.100 notes”.

“There is likelihood of an imbalance between the supply of the new notes and the withdrawal of the old notes, especially in the hinterland,” Balasubramanian pointed out.

In such a scenario, he thought it would be prudent to let the banks and service providers decide when to calibrate the ATMs for the new notes, depending on the “supply-withdrawal” situation of the old notes across all states over the next few quarters.

At present, as per National Payments Council of India Ltd (NPCIL), there are around 237,000 ATMs functional in the country, but to adequately cater to the entire country’s population, the need is almost three-four times more, or around a million ATMs.

Flying in the face of the government’s declarations about digitising the economy, a whopping 57 percent of all ATM transactions are only for cash withdrawals. Immediate Payment Service (IMPS) lags at 20 per cent followed by Point of Sale (PoS) 17 percent, and rest for Unified Payment Interface and mobile wallets. (Total = 100 percent, as per RBI).

Major industry players say that, barring the metros and urban centres, people in states like Uttar Pradesh, Maharashtra, Bihar, West Bengal, Madhya Pradesh and others have to travel 40 km or more to access an ATM.

“Moreover, as per official data, barely 30 per cent of bank account holders in the country regularly use their ATM cards… the others prefer cash transactions. There are problems of infrastructure and connectivity which hamper growth of ATMs network,” Balasubramanian pointed out.

India has among the lowest ATM penetration globally, averaging 8.9 ATMs per 100,000 population, compared to Brazil’s 119.6, Thailand’s 78, South Africa’s 60 and Malaysia’s 56.4.

Incidentally, China currently has around a staggering one million ATMs, which will touch 1.5 million by 2020.

(Qqaid Najmi can be contacted at [email protected])

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