GST News: The Central Board of Indirect Taxes and Customs (CBIC) has notified the new GST rule. Read what it is.
GST News: Recently, the Central Board of Indirect Taxes and Customs (CBIC) has given a big relief to some companies under GST (GST Ki Khabar). These companies can now get Temporary Identification Number (TIN).
This includes those companies which do not need to obtain GST Registration but are required to pay tax under the GST Act provisions.
Read in detail
Under the Goods and Services Tax (GST) rules, registration is mandatory for businesses with an annual turnover of Rs 40 lakh and Rs 20 lakh respectively in the manufacturing and service sectors. Introducing Rule 16A in the Central GST Rules, CBIC said that where a person is not liable to be registered under the Act but is required to make any payment under the provisions of the Act, the proper officer may grant a temporary identification number to such person.
What will be the benefit of this?
The GST Council in its meeting last month had decided to issue TIN to those entities which do not require GST registration. This will ensure smooth tax payment and reduce the burden of compliance on those who are not regularly involved in taxable activities.
GST Collection Data
Let us tell you here that the gross GST collection in December 2024 was Rs 1,76,857 crore, which is 7.3 per cent more than last year. At the same time, just a month ago i.e. in November, GST collection increased by 8.5 per cent to Rs 1.82 lakh crore. According to government data, the total gross Goods and Services Tax (GST) revenue in November increased by 8.5 per cent year-on-year to more than Rs 1.82 lakh crore, whereas in the same month a year ago it was Rs 1.68 lakh crore.
CGST stood at Rs 32836 crore. SGST was Rs 40499 crores. IGST was Rs 912331 crores and CESS was Rs 12301 crores.
