GST News: Recently, the Central Board of Indirect Taxes and Customs (CBIC) has given a big relief to some companies under GST . These companies can now get Temporary Identification Number (TIN).
Under this, those companies come which are not required to obtain GST Registration, but are required to pay tax under the GST Act provision.
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 in the manufacturing and service sectors respectively. Introducing Rule 16A in the Central GST Rules, CBIC said that where a person is not liable for registration under the Act, but is required to make any payment under the provision of the Act, the proper officer may assign a temporary identification number to that person.
What will be the benefit of this?
In its meeting last month, the GST Council had decided to issue TIN to those entities which do not require GST registration. This will ensure smooth tax payment and reduce the burden of compliance on those who are not regularly involved in taxable activities.
GST Collection Data
Let us tell you here that the gross GST collection in December 2024 was Rs 1,76,857 crore, which is 7.3 percent more than last year. At the same time, just a month ago i.e. in November, GST collection increased by 8.5 percent to Rs 1.82 lakh crore. According to government data, the total gross Goods and Services Tax (GST) revenue in November increased by 8.5 percent year-on-year to more than Rs 1.82 lakh crore, whereas in the same month a year ago it was Rs 1.68 lakh crore.
CGST stood at Rs 32836 crore. SGST stood at Rs 40499 crore. IGST stood at Rs 912331 crore and CESS stood at Rs 12301 crore.
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