Goods and services tax (GST): Today (June 20) is the last day to file the monthly GSTR-3B return for May for taxpayers who are not under the QRMP (quarterly return filing and monthly payment) scheme, according to the Central Board of Indirect Taxes & Customs (CBIC). For non-resident GST taxpayers, June 20 is the last day for filing monthly GSTR-5 Return for the month of May.
“Attention GST Taxpayers who are not under QRMP Scheme! Today is the last day to File your monthly GSTR-3B Return for the month of May 2022,” the CBIC said in a tweet on Monday.
GSTR-3B is filed in a staggered manner between 20th-24th day of the succeeding month.
” Attention Non-Resident GST Taxpayers! Today is the last day for filing monthly GSTR-5 Return for the month of May 2022. Attention OIDAR Services Suppliers! Today is the last day for filing monthly GSTR-5A Return for the month of May, 2022,” the CBIC said in other tweets.
GSTR-5 contains all business details for non-residents, (NR) including the details of sales & purchases. Information from GSTR-5 will flow into GSTR-2 of buyers. GSTR-5A is a return form to be filed by non-resident Online Information and Database Access or Retrieval (OIDAR) services provider for the services provided from a place outside India to a person in India to unregistered person or non-taxable customers.
GST Collections in May hit an amount of Rs 1,40,885 crore, which was a 44 per cent year-on-year jump. However, it was a drop of 16 per cent as compared to the GST collections in April. The gross GST revenue collected in May 2022 was Rs 1,40,885 crore, of which CGST is Rs 25,036 crore, SGST is Rs 32,001 crore, IGST is Rs 73,345 crore (including Rs 37469 crore collected on import of goods) and cess is Rs 10,502 crore (including Rs 931 crore collected on import of goods).
The GST Council is scheduled to conduct its 47th meeting during June 28-29 in Chandigarh. The Council-appointed group on ministers (GoM), headed by Karnataka Chief Minister Basavaraj Bommai, has already conducted its meeting to discuss various, including changes to tax slabs and rates. The GoM will submit its report before the GST Council meeting.
During the 47th meeting, the GST Council, headed by Finance Minister Nirmala Sitharaman, is likely to discuss pruning the list of exempted items, plan to shift rate slabs, and proposal to correct inverted duty structure in textiles. It might discuss a proposal to shift rate slabs from the current five per cent to seven or eight per cent; and from 18 per cent to 20 per cent. The Council may also discuss the proposal to correct inverted duty structure in textiles.
Currently, there are four GST slabs — 5 per cent, 12 per cent, 18 per cent, and 28 per cent. The 18 per cent slab has 480 items, from which about 70 per cent of the GST collections come. Apart from this, there is an exempt list of items like unbranded and unpacked food items that do not attract the levy.
Read all the Latest News , Breaking News , watch Top Videos and Live TV here.
Comments
0 comment