The government received more than 43 lakh GSTR-3B filings for the month of October, the highest filings received in a month by the due date since the launch of GST in July 2017.
GSTR-3B, the first set of sales returns, has to be filed by all registered dealers by 20th of every month from July 2017 to March 2018. The returns of the current month need to be filed by 20th of the next month.
By 20th November, which is the last day to file October’s sales returns, more than 56% of registered dealers filed their GSTR-3B returns.
The month has reportedly seen the highest number of returns filed by due date, compared to previous months. While about 39 lakh dealers filed their returns in September, there were 28 lakh tax return filings in August.
Prakash Kumar, CEO of Goods & Services Tax Network (GSTN) said that even though it is good to see the number of filings increasing every month, last day submissions are still on rise. This month has received as many as 14.8 lakh filings on the last day, recording the maximum returns filed in a single day. He urged the dealers to avoid last day filing to prevent last minute hassles.
Similar to previous month, the highest number of GSTR-3B returns were filed in Punjab, where over 73.09% of the taxpayers submitted their returns by the due date.
With the increasing number of filings, the government is expecting a boost to its revenues. In the next six months, it is anticipating a bigger tax base than what was expected in the beginning.
Read more GST news here.