Breaking News LIVE Updates: In further signs of economic revival, GST revenue collection for December 2020 hit an all-time high since the implementation of the new tax regime in 2017. Rs 1,15,174 crore gross GST revenue was collected in December, 12% higher than the GST revenues in the same month last year, CNBC-TV18 reported. This is the third month in a row in the current financial year that the GST revenues have been more than Rs 1 lakh crore.
Trading community, meanwhile, has urged Finance Minister Nirmala Sitharaman and Goods and Goods and Services Tax (GST) Council to withdraw certain provisions of the new GST notification issued a few days back. The government had notified certain changes to the GST Rules on December 22 and some of the rules are set to be applicable from January 1 next year.
In a memorandum, Federation of All India Vyapar Mandal – a national body of small traders – advocating for a single- point GST collection, urged for certain changes in the recently issued GST notification. “Scrap Rules 86B and 36(4), to be effective from 1st January 2021. These provisions are against the fundamental spirit of GST as it obstructs seamless input tax credit,” association general secretary V K Bansal said.
The Central Board of Indirect Taxes and Customs (CBIC) has introduced Rule 86B in GST Rules, to be applicable from January 1, 2021, which restricts use of input tax credit for discharging GST liability to 99 per cent. This means businesses with monthly turnover of over Rs 50 lakh will have to mandatorily pay at least 1 per cent of their GST liability in cash, the letter to the minister said. Rule 36(4) restricts claim of Input Tax Credit (ITC) in respect of invoices/debit notes not furnished by the suppliers which has now been reduced from 10 per cent to 5 per cent of the credit available in GSTR 2B.
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