CBIC urges QRMP scheme beneficiaries to pay GST by 25 September
New Delhi, Sep 23, 2022
Late payment will attract interest, the tax authority cautioned tax payers in a social media post.
The Central Board of Indirect Taxes and Customs (CBIC) has urged tax payers under the quarterly return monthly payment (QRMP) scheme to pay their tax dues by Sunday.
Those under this scheme are allowed to file their monthly sales and summary tax returns on a quarterly basis but have to remit their tax dues on a monthly basis. CBIC said that only three days are left to pay tax liability for August, which should be done by 25 September. Late payment will attract interest, the tax authority cautioned tax payers in a social media post.
The online campaign urging tax payers to meet their tax payment deadline is part of the drive to improve compliance. The indirect tax administration’s efforts to boost compliance by widening the reporting requirements and IT related measures have already helped in achieving revenue buoyancy.
Official data also showed that in August, businesses generated over 78.2 million electronic permits for goods transportation within and across states, indicating the beginning the festive demand. Also, the government has restricted generation of e-way bills for those who default on their tax return filing obligation as part of efforts to boost compliance. The increase in e-way bill generation in August indicate the possibility of record Goods and Services Tax (GST) collections in September.
GST receipts have been consistently above ₹1.4 trillion a month for the last six months. As per official estimates, the growth in GST revenue till August 2022 over the same period last year is 33%, continuing to display very high buoyancy.