GST Return File: There has been a decline in the total tax collection from GST in the month of February. The Income Tax Department is going to take a big action to rectify this. If you also do not file GST return then this news is for you.
GST Return: The GST department will soon start analyzing data from income tax returns of companies and professionals and documents submitted to the Ministry of Corporate Affairs. The objective is to widen the tax base and to ascertain whether the entities are paying their GST liability in full or not. At present there are 1.38 crore registered businesses and professionals under the Goods and Services Tax (GST).
GST was implemented on 1 July 2017. Companies with an annual turnover of more than Rs 40 lakh in manufacturing and Rs 20 lakh in the services sector are required to register themselves under GST and file tax returns. An official told that we will analyze the data on the basis of information available with the Income Tax Department.
GST department will have a special eye on these
The data analysis will focus on those entities which are not exempted and are required to register under GST and file monthly or quarterly returns. After identifying the entities that are not complying with the GST law, the GST department will ask them at their registered place of business the reasons for non-compliance.
The official further said that the data analysis wing, along with the Ministry of Corporate Affairs (MCA), will go through the quarterly and annual data submitted by the companies to find out if there is any GST evasion. The official said that in the first phase, the Income Tax department and GST data would be reconciled. After this it will be matched with the MCA figures. It will be started soon.
Government’s earnings were affected in February
Releasing the GST collection data for February 2023, the Finance Ministry on March 1 said that Rs 11,931 crore was collected as cess in this month, which is the highest level since the implementation of GST. However, there has been a decline in GST revenue in February as compared to January. In January, 2023, there was a tax collection of Rs 1.57 lakh crore, which is the second highest level ever.
The total GST collection in February 2023 has been Rs 1,49,577 crore. Of this, the Central GST (CGST) collection is Rs 27,662 crore while the State GST (SGST) collection is Rs 34,915 crore. At the same time, Rs 75,069 crore has been collected under the head of Integrated GST (IGST). Apart from this, a cess of Rs 11,931 crore is also included.
