4 years of GST regime | Tax base has doubled, says Nirmala Sitharaman
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Union Finance Minister thanks taxpayers on the fourth anniversary of Goods and Services Tax
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Union Finance Minister thanks taxpayers on the fourth anniversary of Goods and Services Tax With the Goods and Services Tax system completing four years, Finance Minister Nirmala Sitharaman has said most challenges in providing stability to the tax regime have been overcome, including the two waves of the unprecedented COVID-19 pandemic. “In the last four years, our tax base has almost doubled from 66.25 lakh to 1.28 crore. For eight in a row, GST revenues have cross Rs 1 lakh crore and we have seen record collection of Rs 1.41 lakh crore in April,” the minister said in a written message. “The enhanced revenue collection in recent months should be the ‘new normal’, she said.
GST taxpayers to get flexibility to decide on monthly tax payment
IANSDec 13, 2020, 15:52 IST
PIXABAY
GST taxpayers would be able to pay their
tax dues on a self-assessment basis without having to go through the cumbersome process of filing tax returns on a monthly basis.
The Central Board of Indirect Taxes and Customs (CBIC) will introduce the
new Quarterly Return and Monthly Payment Scheme (QRMP) for GST taxpayers from next year that will allow taxpayers to file only 4 GSTR-3B returns in a year instead of 12 returns at present. As per the scheme, while returns through form GSTR-3B will be filed only quarterly and not monthly as at present, taxpayers would be lower to pay taxes dues on a monthly basis based on a self-assessment method.