Tax return filing extension on GST may not be enough

Questions continue to be raised about the preparedness of the system

Over the weekend, the body administering the goods and services tax, or GST, iterated its intention to roll out the new indirect tax regime from July 1. However, the GST Council has also taken note of the increasing clamour from the private sector about its unpreparedness for the new system, and it has announced certain concessions. The timetable for filing returns has been somewhat relaxed initially. And industry will be granted exemptions from penalties and fees for late filing in the first two months of the new tax regime. The GST Council’s decision is welcome. However, it is far from