Notification issued: GST registration of 1.10 lakh traders can be canceled in Madhya Pradesh

Notification issued: GST registration of 1.10 lakh traders can be canceled in Madhya Pradesh; Reason: paid less tax by telling more business

The GSTN registration of 1.10 lakh traders of MP, who pay less tax by telling more business than the new rules of the GST Department, can be canceled at any time. Among them there are 20 thousand traders of Bhopal. Actually, many businessmen and entrepreneurs tell their business more, but pay less than the tax liability arising from this business. Take the tax credit of the remaining liability.

In a notification issued on Thursday, the government has said that the difference between the monthly business return (GSTR-1) and the tax paid (GSTR-3B) of the trader should not exceed 10%. That is, if on the basis of sales and supply information, a tax of 1 lakh rupees is made on the trader, then he will have to deposit at least 90 thousand rupees in the same month. He can take tax credit of the remaining 10% of the amount.

If the difference is more than this, the departments can cancel their GST registration at any time. According to the departmental notification, the government has now asked all the traders to revise the returns filed in 2020-21. That is, till March 31, traders whose returns this difference is more than 10 percent.

They can deposit additional tax by filling their DRC-3. The GST department of MP has identified 1.10 lakh traders who do not pay more than 10% tax. All these information have been put in the portal of GSTN. The trader can calculate his own tax difference and pay it.

Now this change is happening, the GST Department has made it clear in the notice issued on Thursday that it is mandatory to deposit at least 90% of the tax liability on the basis of monthly business return GSTR-1 in GSTR-3B. . If the difference is more than this, then the registration of the traders in GSTN will be cancelled.