The Finance Ministry has amended the Central GST Act, saying that companies whose GST registration has been canceled on or before December 31, 2022, and if they have not applied for its restoration within the stipulated time, now they have There is time till June 30, 2023 for this.
GST: The Central Government has approved the cancellation of such GST registrations on which returns were not being filed. According to the information, after paying tax, interest and penalty, till June 30, traders can apply for cancellation of their GST registration.
The Finance Ministry has amended the Central GST Act for this, stating that businesses whose registration has been canceled before December 31, 2022, and have failed to apply for cancellation within the stipulated time, will be liable to pay 30 You can do so by June, 2023.
GST collection increased by 13 percent year-on-year to Rs 1.60 lakh crore in March, which is the second highest tax collection ever. With this, the annual tax increase in the financial year 2022-23 was 22 percent. Last month, more than 91 per cent businesses registered with GST filed returns and paid taxes.
The ministry said in a statement that the total GST collection in March 2023 has been Rs 1,60,122 crore. Of this, the Central GST (CGST) collection is Rs 29,546 crore while the State GST (SGST) collection is Rs 37,314 crore. At the same time, Rs 82,907 crore has been collected under the head of Integrated GST (IGST). Along with this, a cess of Rs 10,355 crore is also included. Prior to this, the GST collection in February was Rs 1.49 lakh crore while in January tax collection was Rs 1.57 lakh crore. Yes
Highest Collection in April, 2022
The highest collection of GST was in April 2022 at Rs 1.68 lakh crore. The total collection of GST during the financial year 2022-23 has been Rs 18.10 lakh crore, which is 22 percent more than the financial year 2021-22.
The average monthly collection of GST in the ended financial year has been Rs 1.51 lakh crore. Monthly tax collection has been more than Rs 1.50 lakh crore four times in this financial year. The monthly and annual collection figures of GST reflect the growing size of the Indian economy.
Registration will be canceled only after filing the return
It has been clarified by the government that the application for cancellation can be made only when the trader has filed returns up to the date of cancellation of GST registration. Also, interest, penalty and late fees have to be paid. Apart from this, it has been said in the notification that the application for cancellation will have to be made by June 30 only and this date will not be extended further. This is being seen as a step by the government to give relief to the traders.
1000 rupees will have to be paid late fee
The Finance Ministry has fixed a late fee of Rs 1,000 for registered firms who have not been able to file GSTR-10 on the due date. As per the law, GSTR-10 is to be filed by the taxpayers who want to cancel their GST registration.
As per another notification, the government has also rationalized late fee for delay in filing annual return in FORM GSTR-9 for FY 2022-23 for MSME taxpayers with turnover up to Rs 20 crore.
In the financial year 2022-23, people with a total turnover of up to Rs 5 crore will be charged a late fee of Rs 50 per day. Whereas, for MSMEs with a turnover of Rs 5 crore to Rs 20 crore, it is Rs 100 per day.
