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Govt Reduces Compliance Burden For GST Taxpayers | Details Here

The Ministry of Finance has some good news for people. On Sunday they announced new relaxations for the GST taxpayers. Announcing on Twitter, the Ministry said that the taxpayers with AATO (Annual Aggregate Turnover) of Rs 5 crore don’t have to file the reconciliation statement in Form GSTR – 9C for FY 2020-21 onwards.

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The Ministry of Finance also announced to provide relief to taxpayers with AATO above Rs 5 crore. Taxpayers of that category can now self-certify the reconciliation statement in Form GSTR-9C for FY 2020-21 instead of getting it certified by a CA or a cost accountant.

On the other hand, taxpayers who have AATO up to Rs 2 crore don’t have to file an Annual Return (Form GSTR-9) for FY 2020-21.

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Previously on December 1, the Ministry of Finance said that the GST revenue of Rs 1,31,526 crore collected in November was the second-highest since GST came into action. The first highest was in April 2021. The statistics include Central GST which is Rs 23,978 crore, State GST – Rs 31,127 crore and International GST – Rs 66,815 crore. A total of Rs 32,165 crore was collected on import of goods and Cess of Rs 9,606 crore, the Ministry said.

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Previously in November, commerce and industry minister Piyush Goyal had said that the government is considering a proposal to change the frequency of renewals and permits that are obtained by the companies to a shorter number of times by making the procedures self-certified and self-regulated. He said this at a Confederation of Indian Industry (CII) event. The event was hosted for doing business for Aatmanirbhar Bharat.

He also added that the government is looking for affordable industrial lands. He further said that self-regulation must become a norm in the future and slowly the industry must move in this direction of transparency and self-regulation.

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GST stands for Goods and Services Tax that was launched in 2017. It is an indirect tax that replaced VAT and service tax for the supply of goods and services. This tax was introduced as an umbrella tax where all indirect taxes are calculated together excluding a few state taxes.

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