About 70% taxpayers file GSTR-1 return for July 2017

GSTN processes more than 330 mln invoices

by Arjit Singh Bhambra

About 4.6 million (70 per cent) taxpayers eligible under the GST had filed the comprehensive outward supply return GSTR-1 for July 2017 till the deadline of 10 October 2017, as per a report in Business Standard. Although displeased by the slow pace of filing of returns, no further extension of the deadline has been provided by the government. Tax experts are of the opinion that non-filing of GSTR-1 by 1.9 million entities could impact the invoice matching process, resulting in blockage of input tax credits. The government will utilise information provided in the GSTR-1 return to verify GSTR-3 and GSTR-2A returns for entities to whom supplies were made. According to GSTN, more than 330 million invoices were filed and processed by the GST system along with the GSTR-1 returns for July 2017. Of this, 73 per cent were uploaded using the offline tool developed by GSTN while 16 per cent of the invoices were filed through the GST Suvidha Providers.

References
1. http://www.business-standard.com/article/economy-policy/gst-only-70-file-detailed-return-for-july-117101101409_1.html
2. http://www.financialexpress.com/economy/gstr-1-returns-30-pct-of-taxpayers-fail-to-file-before-deadline-income-tax-dept-vexed/891163/
3. http://indianexpress.com/article/business/economy/gstr-1-over-46-lakh-taxpayers-file-final-sales-gst-returns-for-july-4885878/
CMIE STATISTICS
Unemployment Rate
Per cent
5.4 -0.0
Consumer Sentiments Index
Base September-December 2015
95.6 0.0
Consumer Expectations Index
Base September-December 2015
96.0 0.0
Current Economic Conditions Index
Base September-December 2015
95.0 0.0
Quarterly CapeEx Aggregates
(Rs.trillion) Sep 17 Dec 17 Mar 18 Jun 18
New projects 1.25 1.49 3.60 2.27
Completed projects 1.25 1.15 1.42 0.86
Stalled projects 0.69 0.88 3.41 0.30
Revived projects 0.34 0.22 0.26 0.22
Implementation stalled projects 0.78 0.71 1.92 0.03
Updated on: 16 Jul 2018 12:20PM
Quarterly Financials of Listed Companies
(% change) Sep 17 Dec 17 Mar 18 Jun 18
All listed Companies
 Income 7.9 12.0 10.4 18.1
 Expenses 9.0 13.0 17.1 21.2
 Net profit -18.0 -14.3 -80.7 7.3
 PAT margin (%) 5.5 4.8 1.2 19.3
 Count of Cos. 4,501 4,491 4,280 25
Non-financial Companies
 Income 8.2 13.3 11.9 18.2
 Expenses 8.1 12.3 12.8 22.2
 Net profit -6.0 13.2 -1.6 5.7
 PAT margin (%) 6.2 6.4 6.6 20.1
 Net fixed assets 9.2 11.9
 Current assets 2.9 8.2
 Current liabilities 11.0 10.6
 Borrowings 3.4 1.6
 Reserves & surplus 7.9 8.0
 Count of Cos. 3,466 3,469 3,317 19
Numbers are net of P&E
Updated on: 16 Jul 2018 12:20PM
Annual Financials of All Companies
(% change) FY15 FY16 FY17 FY18
All Companies
 Income 5.6 1.8 5.8 12.3
 Expenses 5.7 1.9 5.8 17.9
 Net profit 0.1 -9.3 26.2 -51.0
 PAT margin (%) 3.0 2.8 3.5 3.6
 Assets 9.5 10.2 7.3 14.1
 Net worth 8.5 11.3 7.0 11.0
 RONW (%) 5.8 4.9 5.9 4.8
 Count of Cos. 26,056 24,316 21,815 218
Non-financial Companies
 Income 4.8 1.0 5.7 9.8
 Expenses 5.0 0.3 5.9 9.3
 Net profit -8.5 20.4 21.4 11.9
 PAT margin (%) 2.0 2.5 3.0 13.4
 Net fixed assets 13.3 17.4 6.5 21.2
 Net worth 7.0 12.0 5.7 5.3
 RONW (%) 4.6 5.2 6.1 17.7
 Debt / Equity (times) 1.1 1.1 1.0 0.2
 Interest cover (times) 1.9 1.9 2.1 16.0
 Net working capital cycle (days) 66 65 62 -12
 Count of Cos. 21,269 20,387 18,246 150
Numbers are net of P&E
Updated on: 04 Jul 2018 4:50PM