Dissatisfaction of the traders across the nation for implementation of GST seems to be fading away finally, thanks to the progressive approach of the GST Council. In last 2 meetings, the council has addressed a number of issues concerning all sections of traders and the results have started to show up almost immediately.
The number of total GST registrations has also seen a multifold increase in the last few months. At the end of August, there were a total of 60 lakh GST registration and that has increased to over 11 crores by the mid of November. Also, the number of filings made for GST has increased. For July, there were a total of 34 lakh filings before the original due date. For the month of August, the number increased to 39.4 lakh, however, for the month of October, the number has already touched 43 lakh.
All these positives in the response of traders and individuals have resulted in covering up for a major portion of the lost revenue for states and also, it has given a hope to the central government that GST will be able to collect more tax compared to the total collection made by a number of taxes, which existed before the GST came into picture.
The last date for filing GSTR-3B was November 20th. Out of the total 43 lakh filings made for October, as many as 14.76 lakh filings were made on the last date. Which shows that no matter what the government initiates, the last-minute rush cannot be prevented. Also, over 40% of the assesses claim no tax liability, which is a major concern for the government. The government is now trying to find ways on how to tackle these traders and get them into the transparent tax net.