Under this, those companies come which are not required to obtain GST Registration, but are required to pay tax under the GST Act provision.

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 in the manufacturing and service sectors respectively. Introducing Rule 16A in the Central GST Rules, CBIC said that where a person is not liable for registration under the Act, but is required to make any payment under the provision of the Act, the proper officer may assign a temporary identification number to that person.

What will be the benefit of this?

In its meeting last month, the GST Council 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 percent more than last year. At the same time, just a month ago i.e. in November, GST collection increased by 8.5 percent 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 percent 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 stood at Rs 40499 crore. IGST stood at Rs 912331 crore and CESS stood at Rs 12301 crore.

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According to the instructions issued by the government, it is necessary to fill GSTR 9 form for taxpayers having a turnover of more than 2 crores in the financial year 2021-22. However, Input Service Distributor, TDS Deductor, TCS Collector, Casual Taxable Person and Overseas Taxable Person are not required to fill it.

The government has said that taxpayers whose annual turnover is more than Rs 5 crore for 2021-22, along with filing annual return in GSTR 9, it is also necessary to file a salp attested reconciliation statement in GSTR 9C. This instruction has been issued by the Central Board of Indirect Taxes and Customs.

In the beginning of December, the businessmen got a big relief. The government had given a big relief to the businessmen regarding the GSTR 9C form. Businesses with turnover of more than Rs 5 crore also fill GSTR 9C form but they had to get it certified by a chartered accountant. However, the government has changed it and traders themselves can attest to it.

What is GSTR 9 form

This is an audit form which has to be filled by businessmen with a turnover of more than Rs 2 crore. Similarly, there is a GSTR 9C form for businesses with a turnover of more than Rs 5 crore. In this, the businessman has annual audited gross and taxable turnover. GSTR 9C is divided into 2 parts, A and B. Part A contains all the information about tax and in part B verification is done which was earlier done by CA but now businessmen can do it themselves.

What will happen if the form is not filled?

If the taxpayer does not file these forms, then a fee of Rs 200 is levied for every day of delay. It takes Rs 100 under Central GST and Rs 100 under State GST. There is no specific penalty for late filing of GSTR 9C. However, if the taxpayer delays filing GSTR 9C by filing GSTR 9 in time, then he can be fined up to Rs 50000. You can fill it by visiting the GST portal.

The post Big news for businessmen! Do this work before December 31, otherwise you will have to pay a heavy fine first appeared on Rightsofemployees.com.