GST New Rule: In its meeting last month, the GST Council had decided to issue temporary identification number (TIN) to those entities which do not require GST registration. Now this rule has been implemented by issuing a notification.
GST New Rule: The Central Board of Indirect Taxes and Customs (CBIC) has given a big relief to the companies. Now those companies can also take temporary identification number (TIN) which do not require GST registration, but it is mandatory to pay tax under the GST Act. In the meeting of the GST Council last month, it was decided that TIN will be issued to those entities which do not require regular registration. This step of CBIC is an important initiative towards facilitating tax payment and reducing the compliance burden on taxpayers. This will help the government to improve revenue collection and make tax processes transparent. This will reduce the compliance burden on those entities which are not involved in regular taxable activities.
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, the CBIC said that where a person is not liable for registration under the Act, but is required to pay GST under the provisions of the Act, the proper officer may provide a temporary identification number to that person.
What will be the benefit of this?
The GST Council had decided in its meeting last month to issue TIN to those entities which do not require GST registration. Now this rule has been implemented by issuing a notification. The new rule will ensure smooth tax payment, the burden of compliance will be reduced on those who do not pay GST regularly and GST collection will also increase.
7% more GST collection in December
The gross GST collection in December 2024 was Rs 1,76,857 crore, which is 7.3% more than the same period last year. In November 2024, GST collection increased by 8.5% year-on-year to Rs 1.82 lakh crore. In November 2023, this figure was Rs 1.68 lakh crore. In December 2024, the government got Rs 32,836 crore from CGST, Rs 40,499 crore from SGST, Rs 91,231 crore from IGST and Rs 12,301 crore from cess.
Most Read Articles:
- Gratuity Rules Update : After working for how many years do you get gratuity, know the rules and calculator here
- RBI New Update: RBI gave this instruction to banks regarding digital fraud, know the details
- Credit Card Link UPI: Link your credit card to UPI from home, know step-by-step guide
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
