Important statement from Finance Ministry for GST taxpayers

21-Mar-2021 Zee Business GST Liability, GST, Goods And Service Tax, Central Board Of Indirect Taxes And Customs, CBIC, Input Tax Credit, ITC 832 Views

According to a latest development, the Finance Ministry on Saturday said it has not issued any instructions to officials to ask taxpayers to pay maximum GST liability in cash.

There were reports that some GST officers are using unauthorised communication means such as phone calls, WhatsApp and messages asking taxpayers to discharge 'maximum tax liability' in 'cash', as per a report by news agency IANS.

This was being done in order to ensure that targets for revenue collection from GST for the financial year are met, the reports suggested.

It is to clarify that neither the Government nor the Central Board of Indirect Taxes and Customs (CBIC) have issued any such instructions to their field formations, a Finance Ministry statement said.

Also, the Finance Ministry on Saturday said GST taxpayers can utilise the Input Tax Credit available in their credit ledger to discharge their GST dues for the month of March, as per a report by PTI.

"Taxpayers are free to utilise the Input Tax Credit available in their credit ledger, as permissible in law, to discharge their GST dues for the month of March, 2021 the last month of this financial year," the Central Board of Indirect Taxes and Customs (CBIC) said in a statement.

Goods and Services Tax (GST) collections crossed the Rs 1 lakh crore mark for the fifth month in a row in February. The mop up in February was Rs 1.13 lakh crore.

 

Source: Zee Business

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