Pay due GST with Input tax credit

The minister of finance has given good news to businessmen. They said that taxpayers can use the input tax credit (ITC) for the March Goods and Services Tax (GST) payment. The Central Board of Direct Taxes and Customs (CBIC) said that taxpayers can use the ITC available in the credit ledger to pay GST dues of March 2021 in a statement.

Taxpayers are free to use the input tax credit available in their credit loans for the Central Board of Direct Taxes and March 2021 - the last month of this financial year. The Customs (CBIC) said in a statement.

The Goods and Services Tax (GST) collection crossed the Rs 1 lakh crore marks for the fifth consecutive month in February. The MOP stood at Rs 1.13 lakh crore in February.

Who can avail for the benefit of payment of due GST?

The taxpayer who has a GST registration online can avail for the benefit of Due GST payment.

Collection under GST crosses Rupees 1 lakh crore for the fifth (5^th) consecutive month

It is also improving with increasing business activity in the country. The collection has once again crossed Rs 1.13 lakh crore under GST in the month of February. This has been the fifth (5^th) month of consecutive at the time of collection under GST has crossed Rupees one lakh crore.

Expectations for GST collection in March

The chairman of CNI Research, says that in March 2020, there was a collection of 97 thousand crore rupees.  Rupees 1.09 lakh crore was the collection of the month (March 2019). But March will be better this year. They expected that the collection of March maybe 1.30 lakh crore rupees as the GST theft has been curbed. Also, the month is 31 days. February is 28 days. So12-15 thousand crores should increase by three days.