GST: Government gave New Year gift to small traders, they will get exemption by filling this form in GST.

GST: Before the New Year, the Finance Ministry has given a big gift to small traders filing GST returns. Now small taxpayer traders with turnover up to Rs 2 crore have been exempted from filling Form GSTR-9. Let us tell you that as per the rules, this form had to be included in the annual return filed. Also, every firm or individual registered as a normal taxpayer had to file GSTR-9. This will provide great relief to small traders. This information has been given to the taxpayers by the Finance Ministry of the Government of India through a tweet on the official X account. The ministry has cited notification number 32/2023-CT for reference of its decision. This notification was issued by the Finance Ministry on 31 January 2023. However, it is still necessary for all traders with turnover above Rs 2 crore to fill GSTR-9 form. This has to be filed along with the annual return. The Finance Ministry has also stated that filing GSTR-3B returns has become easier with the enhancement of Form GSTR-3B and introduction of electronic credit and reclaim statements.

GST collection increased by 15 percent to Rs 1.68 lakh crore in November

GST collection increased by 15 percent in the month of November to about Rs 1.68 lakh crore. Goods and Services Tax (GST) collection during the same period last year was Rs 1.45 lakh crore. The Finance Ministry said in a statement on Friday that the gross GST collection in November 2023 stood at Rs 1,67,929 crore. Of this, Central GST (CGST) was Rs 30,420 crore, State GST was Rs 38,226 crore, Integrated GST was Rs 87,009 crore (including Rs 39,198 crore collected on import of goods) and Cess was Rs 12,274 crore (including Rs 1,036 crore collected on import of goods). Although the collection in November this year is less than Rs 1.72 lakh crore collected in October, it is the second highest collection since the implementation of GST.

GST taxpayers increased by 65 percent

GST has been revised several times by the Government of India since 2017. Due to this, the number of people filing GST returns has increased by about 65 percent in five years. According to the Finance Ministry, the number of people filing GST returns till April 2023 was 1.13 crore. This number has increased again in 2023. At present the number of registered taxpayers is 1.40 crore. The ministry said in one of its social media posts that the percentage of return filing by eligible taxpayers has increased as a result of simplification in GST rules and procedures. Also, the year 2023 has been the year of new heights in terms of highest e-way bill generation, highest payment transactions, highest tax collection and highest return filing in a single day. Small businesses have been enabled to supply through e-commerce operators. This will open up huge e-commerce market for small businesses without mandatory GST registration up to the threshold turnover of registration.

what is gst

GST means Goods and Services Tax (Goods and Services Tax) Is. It is an Indian tax reform and protection law which came into force in India on 1 July 2017. The objective of GST is to subsidize the various taxes levied on goods and services in India and establish a simple and integrated tax system. Before the implementation of GST, different states in India had different tax rates on goods and services, which created complications in business and financial activities. Under GST, it is an attempt to harmonize all states and the central government, thereby applying a single tax rate on goods and services. It is an effort to simplify, simplify and integrate the business and tax system in India and aims to reduce tax disputes.

The structure of GST is in three categories:

• CGST (Central Goods and Services Tax): is a tax managed by the central government.

• CGST (State Goods and Services Tax): is a tax administered by state governments.

• IGST (Integrated Goods and Services Tax): It is used in mutual purchases of goods and services from one state to another.