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GST is the Goods and Services Tax rolled out across the country on July 1. Since then, a number of teething issues have emerged - some more serious than others. The most pressing problem is to do with the availing of input tax credits by exporters. The problem, according to exporters, is that they have to wait an inordinate amount of time before the refunds are processed and paid.
Directions (Q.No. 1-5) Read the following passage carefully and answer the questions given below it. Certain words have been printed in bold to help you locate them while answering some of the questions.
As a result, they say a large part of their working capital estimated at about Rs. 65,000 crore is stuck, rendering their businesses untenable. Another pressing problem is the capacity of the GST Network portal for filing tax returns. Since the rollout, the portal has fared poorly in the face of peak traffic. According to Finance Minister Arun Jaitley, the portal can process 1 lakh returns an hour, which translates to 24 lakh returns in a day.
The third issue being faced by the government is that taxpayers are missing the deadlines to file returns and so it can't accurately estimate how much revenue GST is yielding. For example, while the government said it had earned Rs. 90,669 crore from GST in August, it also said that only about 55% of registered taxpayers had filed their returns even five days after the deadline.