Impact of Lockdown: 7.34 Lakh GST registration surrendered by the taxpayers

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Impact of Lockdown:

7.34 Lakh GST registration surrendered by the taxpayers

 

 

Impact of Lockdown and Recession is clearly visible now.
Nearly 16 lakh GST Registration cancelled during 1 year ( 16 % )
8.20 Lakh because of Non filing of returns as Late fees is very high and there is no cap. 
It may be noted that Rs. 10000 is the amount of late fees is to be paid per month if someone has not filed the return even if there is no tax liability
7.34 lakh GST regn surrendered by taxpayers themselves in view of closure of business, various bottlenecks under GST Law.

Despite so much cancellation of GST Registration, GST collection has increased to Rs. 1.40 Lakh crores in the last month.

 

 

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