Speaking at the Business Standard GST
Round Table 2017 on September 6, Revenue Secretary Hasmukh Adhia
made it amply clear that all businesses in the country needed to file GST
returns, even if there was no taxable income and warned that a penalty would be charged in case of non-compliance. "The facility of 'Nil' returns is available in GSTR 1 form. So, even if there is no transaction, business is liable to file returns. So file your return on time, don't wait for the last day," Adhia said.
compliance for the month of July stood at 74%, he said.
Admitting that there were initial hiccups and glitches, he said that the implementaion has been smooth so far. "No achievement in the world is possible without the costs attached to it. There will be problems in the first six months. But the important thing is that the government is ready for a course correction."
The Revenue Secretary sounded optimistic that the GSTN
systmem will work more efficiently in the coming days. "There was a problem in the design of 3B software. Some people made mistakes while filing returns and there was no provision of a review. So, they couldn't withdraw the form. But we didn't charge the penalty," he said.
Adhia also urged the 1.1 million taxpayers who were yet to fully migrate to the new system to do so as soon as possible.
Here are key takeaways from Adhia's address at BS GST Round Table, 2017: