Central government gave great news to small shopkeepers, they will not have to file returns, government announced

A very good news has come from the Central Government for small traders. The Finance Ministry has made this big announcement for small dependents with portfolio and has exempted them from the approval of Semester-9. Small businessmen doing business up to Rs 2 crore have to fill this form. Due to which they have to file returns. Now small traders have got freedom from this form.

The Finance Ministry has given this information by tweeting on one of its databases. According to the ministry, there has been an increase of 65% in 5 years. By April 2023, the number of Joseph returns reached 1.13 crore. The number of tax holders registered under orphanage has now increased to 1.40 crore, which was only 1.06 crore in April 2018.

“The percentage of returns filed by eligible taxpayers has increased as a result of simplification of GST rules and procedures,” the Finance Ministry said in a post on social networking platform X. The ministry informed that 90% of eligible taxpayers are filing GST – 3B returns by the end of the filing month in the current financial year. This figure was 68% in 2017 to 2018, the first year of GST implementation. GST – 3b is the monthly return form for filing outward supplies details and tax payments. Recently, Finance Minister Nirmala Sitharaman had also expressed happiness while releasing the GST data in the Lok Sabha.

GST was implemented nationwide on 1 July 2017. It included more than a dozen local taxes such as excise duty, service tax and VAT. The number of GST-3B filers increased from 72.49 lakh in April, 2018 to 1.13 crore by April 2023. Monthly GST collection in November stood at Rs 1.68 lakh crore. This is the sixth time in the current financial year that the monthly gross GST collection has crossed Rs 1.60 lakh crore.