If your GST registration has also been cancelled due to not paying tax on time, there is no need to panic. The government has opened a relief window; such companies can apply for restoration of registration before June 30 after paying business tax, interest and penalty.
The Finance Ministry, while amending the Central GST Act, has said that companies whose GST registration has been cancelled on or before December 31, 2022, and if they have not applied for its restoration within the stipulated time, So now they have time till June 30, 2023, for this.
Will have to repay the loan, have to pay interest-penalty
However, this application can be made only after paying the outstanding returns or any other dues such as interest, penalty and late fee till the date of cancellation of registration.
GST collection increased by 13% in March; ₹ 1.60 lakh crore came to the treasury
Significantly, there has been a record jump in the GST collection figures. In March 2023, the country’s GST collection increased by 13 per cent to more than Rs 1.60 lakh crore. Regarding GST collection, the last month of the previous financial year (2022-23) has been great. This is the second most extensive collection in the history of GST to date. The Finance Ministry gave this information on Saturday.