Goods and Services Tax (GST) The government has given a chance to those companies whose registration has been canceled due to non-filing of returns. Such companies or businesses can apply for restoration of registration before June 30 after paying tax, interest and penalty. 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. However, this application can be made only after paying the outstanding returns or any other dues like interest, penalty and late fee till the date of cancellation of registration.
GST collection increased to 1.60 lakh crore
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.
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