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Good News: Special gift to those who do business up to 5 lakh, can claim Refund in this state

The state government has  Special gifted small businessmen of Haryana in 2021. The Haryana government has said that it will give a rebate of one percent in market fees to small traders with a turnover of up to Rs 5 lakh every year.

The state government has gifted small businessmen of Haryana in 2021. The Haryana government has said that it will give a rebate of one percent in market fees to small traders with a turnover of up to Rs 5 lakh every year. Chief Minister Manohar Lal Khattar has approved a proposal in this regard.




He said that necessary amendments will be made in the Haryana Agricultural Produce Market (General) Rules, 1962 for this. In this case, any small businessman, while filing his annual return to the market committee, can claim a refund if his annual turnover is less than Rs 5 lakh from the sale of Agri Products in Haryana during the last year. It will be refunded up to 1 percent.

New change in GST system

Earlier, the Central Finance Ministry made changes in the GST regime. The Central Indirect Tax and Customs Board (CBIC) amended the GST rules in December to prevent incidents of tax evasion from fake bills. Under this, companies doing monthly business of more than 50 lakh rupees must deposit 1 percent of their GST liability in cash.

99 percent input tax credit

After this amendment, units registered with GST from January 1, 2021 will be able to use Input Tax Credit (ITC) in exchange for 99 percent of their GST liability. However, this rule is exempted for units where a managing director or associate deposits personal income tax of more than Rs 1 lakh or ITC Refund in the previous financial year without using more than Rs 1 lakh.

1.2 Crore registered Companies

According to sources, the figures show that about 1.2 crore taxpayers are registered under GST. Of these, only about 4 lakh taxpayers have a monthly supply of more than Rs 50 lakh. Out of these 4 lakhs, only one and a half lakh people deposit 1 percent of their GST liability in cash.

Taxpayer out

Sources said that after removing the taxpayer which took exemption after amending the rules, 1.05 lakh taxpayers will be out of these and a half lakh people. In such a situation, only 40 to 45 thousand taxpayers will have to make this mandatory cash payment. He said that this is only 0.37 percent of 1.2 crore GST taxpayers.

 

 

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