Government Can Give Relief To The Traders Registered In GST

The Government can give relief to the businessmen registered in GST. For this, there are plans to do away with some offenses and impose lower charges on some offenses. At present, criminals are prosecuted where the evasion of Goods and Services Tax (GST) or misuse of input tax credit exceeds Rs 5 crore.

We are working on making provisions under the GST Act to make prosecution more simple and friendly for taxpayers, an official said on Wednesday. Vivek Aggarwal, Additional Secretary, Ministry of Finance said that whatever the limit level at present, it is being reconsidered.

He said that the compounding charges for offenses under GST would also be reduced, so as to save taxpayers from going into litigation. The amount payable for compounding offenses shall be 50 percent of the amount of tax or Rs 10,000. The lesser of it, the same will be applicable.

The maximum amount of 150 percent or 30 thousand rupees, whichever is higher, will be implemented. All these changes will be placed in the next meeting of the GST Council.

The GST collection for this month is expected to be Rs 1.45 lakh crore. From March to August this year, there has been a collection of more than Rs 1.40 lakh crore every month. Officials said that so far the economic activities have been fine. The GST collection in the same month a year ago was Rs 1.17 lakh crore.

The average monthly collection is expected to be Rs 1.55 lakh crore in 2022-23. So far, the highest amount of Rs 1.68 lakh crore came in April this year. Since then this collection has been decreasing every month. The government will release this month's GST data on October 1.