The Ministry of Finance issued an announcement wherein it said that taxpayers are free to make use of the enter tax that has no credit check loans score (ITC) obtainable of their credit score register as permitted by legislation to pay their GST owed. for the month of March.

The finance ministry assertion says unconfirmed stories have been revealed in some sections of the media that some GST officers are utilizing unauthorized technique of communication corresponding to telephone calls, WhatsApp and messages asking taxpayers to watch out. discharge the “ most fiscal legal responsibility ” in “ money ” in an effort to make sure that the GST income assortment targets for the yr are met.

As well as, giving a clarification on the matter, the Ministry of Finance mentioned in an announcement from the BIP: “That is to make clear that neither the federal government nor the Central Council of Oblique Taxes and Customs (CBIC) have given such directions to their coaching within the subject. ”

The Ministry of Finance assertion added: “As such, taxpayers are free to make use of the enter tax credit score obtainable of their credit score register, as permitted by legislation, to pay their GST assessments. for the month of March 2021 – the final month of this fiscal yr. ”

GST Assortment Feb 2021

In the meantime, gross GST income collected in February 2021 has elevated by 7% on an annual foundation to over Rs 1.13 lakh crore. Of the overall items and providers tax assortment of Rs 1,13,143 crore, CGST was Rs 21,092 crore, SGST was Rs 27,273 crore, IGST was Rs 55,253 crore, together with Rs 24,382 crore collected on the The importation of products and cessation was Rs 9.525 crore, together with Rs 660 crore collected from the importation of products, an official assertion mentioned.
The federal government paid Rs 22,398 crore to CGST and Rs 17,534 crore to SGST from IGST as common settlement. As well as, the central authorities additionally settled Rs 48,000 crore within the type of an advert hoc IGST settlement in a 50:50 ratio between the Heart and the States or Union Territories.

The overall revenue of the Heart and the States after common settlement and advert hoc settlement in February 2021 is Rs 67,490 crore for CGST and Rs 68,807 crore for SGST.

GST revenues crossed Rs 1 lakh fifth time in a row and crossed Rs 1.1 lakh crore the third time in a row after the pandemic regardless of income assortment in February. This can be a clear indication of the financial restoration and the affect of assorted measures taken by the tax administration to enhance compliance, in response to the finance ministry assertion.

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