The Goods and Services Tax Network (GSTN) said this in a consultation on Tuesday. It said that apart from GST sales returns, the new rule will be applicable on returns related to payment of liability, annual returns and tax collection at source. That is, there will be a ban on filing returns after the expiry of a period of three years from the due date of submission of returns.

GSTN said, “The said change is going to be implemented in the GST portal from the beginning of next year (2025). Therefore, taxpayers are advised to match their records and if they have not yet filed GST returns, then file it as soon as possible.”

Experts said these are important changes

AMRG & Associates Senior Partner Rajat Mohan said that GSTN has made an important change regarding compliance. Under this change, there is a ban on filing GST returns after the deadline of three years.

He said, “This move is aimed at ensuring timely compliance, increasing the reliability of data and potentially reducing the ‘backlog’ of unfiled returns within the GST system. Limiting the period in case of late filing of returns has motivated taxpayers to match and rectify their records.

Mohan said, “However, this can also create challenges for those taxpayers who have not filed returns. Especially for those taxpayers who are facing administrative or logistical problems in consolidating old records.” He said that companies are advised to actively audit their return filings and resolve any pending returns within the remaining period.

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New Delhi. The government had released the GDP figures for the December quarter of the current financial year (India Q3 GDP) on Thursday (29 February). The country’s GDP growth in the third quarter was at the rate of 8.4%. At the same time, now good news has come in the matter of GST collection. In fact, according to the data released by the Finance Ministry on Friday, due to increase in domestic transactions, GST collection in February increased by 12.5 percent to more than Rs 1.68 lakh crore.

With this, the total gross GST collection in the first 11 months of the current financial year has reached Rs 18.40 lakh crore. This is 11.7 percent more than the tax collection during the same period of the last financial year.

👉 ₹1,68,337 crore gross #GST revenue collected during February 2024; records Year-on-Year (Y-o-Y) growth of 12.5%

👉 Average monthly gross collection for FY2023-24 is ₹1.67 lakh crore, exceeding ₹1.5 lakh for FY2022-23

👉 Gross #GST collection reaches ₹18.40 lakh crore for… pic.twitter.com/JeQge9OUNT

— Ministry of Finance (@FinMinIndia) March 1, 2024

Average monthly GST collection in FY24 is Rs 1.67 lakh crore.

The average monthly GST collection in the current financial year (FY24) has been Rs 1.67 lakh crore, which is more than Rs 1.5 lakh crore in the last financial year. The ministry said in a statement, ‘The gross GST revenue collected in February, 2024 is Rs 1,68,337 crore, which is 12.5 percent more than the same month of 2023.’

Reason for increase in GST collection:

Behind this strong growth in tax collection, 13.9 percent increase in duty from domestic transactions and 8.5 percent increase in GST from import of goods played an important role.

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He also praised the department for achieving revenue collection of more than Rs 14 lakh crore in the last financial year. The Finance Minister had appealed to the people this time too, whose effect is visible this time also.

This year’s record collection

According to government data, the GST collection in the month of July has increased by 28 percent compared to the same period last year.

In the month of July, Rs 1,48,995 crore has come to the government treasury from the GST collection. At the same time, the GST collection last month was Rs 1,44,616 crore. The GST collection in July 2021 was Rs 1,16,393 crore.

The loopholes have been removed

Significantly, direct tax collection has increased by 49.02 percent on an annual basis to Rs 14.09 lakh crore in 2021-22. The government had set a target of direct tax collection of Rs 14.20 lakh crore for the financial year 2022-23.

The Finance Minister said that the government has resolved many pending issues and infrastructural loopholes related to direct taxes have been removed. The Finance Minister said that the reforms made by the government in recent years have made the tax system trust-based.

Increase in number of income tax returns

Sitharaman said that taxpayers have affirmed the trust-based tax system and said that this tax collection has further improved, which is evident from the increase in the number of income tax returns.

Not only this, he said that technology has been effectively used to enhance taxpayer service and transparency, speed up departmental processes.

Department made positive changes

On this occasion, Minister of State for Finance Pankaj Choudhary has also told that the responsibility of the tax department is not limited only to efficient and effective tax administration, but it is also its responsibility to honor honest taxpayers. Is.

The department has proved itself to be an organization by providing time bound services to the taxpayers and adopting positive changes. The number of people filing tax returns has increased, which shows the efficiency of the department.

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