GST hike on footwear from tomorrow.. No extension on IT Returns filing

The Union Finance Ministry has made it clear that it has no plans to extend the income tax returns filing deadline. Union Revenue Secretary Tarun Bajaj said they had not received such a proposal. Currently the ITR filing process is going smoothly. Afternoon 5.62 crore returns were filed by 3pm and today 20 lakh returns were filed in a single day.

The deadline for filing IT returns is today. There is speculation that this could lead to another increase. The Union Minister said that the decision to increase the GST on handlooms and textiles from 5 per cent to 12 per cent has been temporarily postponed. He said it had been sent to the Tax Rationalization Committee to look into the matter further. A report on the matter is expected by February. He said the GST hike on footwear would be implemented from tomorrow.