GSTN bound to have problems if 75% file tax returns on last day, says Arun Jaitley

Finance Minister Arun Jaitley on Wednesday urged to the businesses to file their GST returns well in advance, saying if 75 per cent will try to file taxes on the last day there are bound to have some problems.

"Today is the last date to file returns for the month of August but till last night only 25 per cent filed their GST returns," Finance Minister Arun Jaitley said during a press briefing after a cabinet meeting.

"The capacity of the system is 1 lakh returns per hour, so its maximum capacity is 24 lakh," he added.

Earlier in the day, an ET Now report said the government is likely to waive off interest and penalty on late filing of GSTR-3B for August.

On boosting the economic growth, Finance Minister said the government is considering additional measures to bolster economy that has hit a three-year low of 5.7 per cent in the first quarter of the current fiscal.

The minister said an announcement with regard to the additional steps will be made after consulting Prime Minister Narendra Modi.

Jaitley has held a series of meetings in the last few days with some of his ministerial colleagues and senior government officials to take stock of the situation and firm up steps to push up growth.

"We have taken note of all economic indicators which are available... the government will take any additional moves which are necessary. I am not in a position to announce today in the press conference. I will be certainly consulting the prime minister before that and when we decide, you will come to know," he told reporters here.

He further said this is a proactive government and has been reacting to the situation as when the situation demanded.

"We have been taking appropriate actions. we have been consistently moving on the reform agenda," he stressed.

Two years ago, India was touted as a rare bright spot in a gloomy global economy, with GDP growth outpacing a slowing China.

But since early 2016, GDP growth has fallen for six consecutive quarters, slumping to a three-year low of 5.7 per cent in the April-June quarter, with India losing the fastest growing economy tag to China for the second straight quarter.