The government has arranged special loan to meet the shortfall in GST collection in 2020-21, due to Corona, GST collection has been falling continuously since April. Now it is starting to improve
The Goods and Services Tax (GST) collection is expected to be Rs 1 lakh crore this month. This will be the first time in the last 8 months that the GST collection can reach this level. This means that economic activity is accelerating.
The last date to fill the GST is 20 of every month.
Let us know that the last date for filling the GST is on the 20th of every month. In this way, the GST filing for the month of September has been done till 20 October. On the basis of this, it is anticipated that GST collection will accelerate. Actually, due to Corona, GST collection has been falling continuously since April. However, it has started improving since July. Officials associated with GST said that this time the GST collection can be more than one lakh crore rupees.
GST is expected to rise
According to available data, it is estimated that GST is now expected to increase, as economic activity in the country has increased after the lockdown opens. Business is becoming normal. Officials said domestic demand has increased due to the festive season. This is seeing a boom in the market.
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Return file boom in October
Actually, based on the way GST returns are being filed in October, it is expected that GST collection will be accelerated in this month. An official said that more than 11 lakh GSTR-3B Returns were filed this time last year, which is more than this year.
Central government can get relief
The central government can also be happy with the rise in GST. Because the central government is taking a loan of Rs 1.1 lakh crore to compensate the GST of Rs 2.35 lakh crore for the states. The lockdown was implemented from 25 March due to Corona in the country. The manufacturing and services sector was severely affected due to this lockdown. This is because all services were temporarily shut down.
The government will take a special loan
On the other hand, the government has arranged a special loan to meet the shortfall in GST collection in 2020-21. A total of 21 states and two union territories have opted for this arrangement. According to the statement, this loan is taken at 5.19 percent interest and its time frame is for 3 to 5 years. By the way, if you look at the data from June to September, the figure has not reached one lakh crore in any month. Even in 2019, out of these four months, only one lakh crore GST collection was done in July.
File your income tax return on time, otherwise you may have to pay a fine of Rs 10,000
