GST Update: There is a good news for small taxpayers doing business. Actually, the Finance Ministry has given a big gift to small traders who pay GST. Now the government has exempted these taxpayers from paying GST.
The Finance Ministry has given a gift to small traders who file GST Returns. Now small taxpayers having turnover up to Rs 2 crore have been exempted from filling Form GSTR-9. This form is filed in the annual return. Every person registered as a normal taxpayer has to file Form GSTR-9. Now small traders will not have to fill this form.
The Finance Ministry has given this information in a tweet on its official X account. The Finance Ministry has cited notification number 32/2023-CT for reference of this decision. This notification was issued by the Finance Ministry on 31 January 2023.
GST filers increased by 65% in 5 years
The number of people filing Goods and Services Tax (GST) returns in the country has increased by 65 percent in the last five years. By April 2023, the number of people filing GST returns increased to 1.13 crore. The Finance Ministry gave this information on Sunday. The number of active taxpayers registered under GST has now increased to 1.40 crore from 1.06 crore in April 2018.
“Simplification in GST rules and procedures has resulted in an increase in the percentage of returns filed by eligible taxpayers,” the Finance Ministry said in a post on the social networking platform Eligible taxpayers are filing GSTR-3B returns. This figure was 68 percent in the year 2017-18, before the implementation of GST. GSTR-3B is the monthly return form for filing outward supplies details and tax payments.
GST was implemented in 2017
GST was implemented nationwide on July 1, 2017. It included more than a dozen local taxes like excise duty, service tax and VAT. The number of GSTR-3B filers increased from 72.49 lakh in April, 2018 to 1.13 crore by April, 2023. Monthly GST collection in November stood at Rs 1.68 lakh crore. This is the sixth time in the current financial year that monthly gross GST collections have crossed Rs 1.60 lakh crore.
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