Madhya Pradesh state has now 4 lakh registered traders under goods and services tax regime as the senior state commercial tax official mentioned in a public event.
Joint Commissioner of MP Commercial Tax department, speculated that till the year-end of current financial year, there may be as much as 4.60 lakh registered taxpayers under GST.
According to the statement of Joint Commissioner of MP Commercial Tax department, “Nearly three lakh businessmen in MP got associated with the GST regime when it was implemented nationwide on July 1, 2017. At present, the number of such businessmen has gone above four lakh.”
He also emphasized the importance of registration under GST if the annual gross turnover of the business exceeds 20 lakhs citing proper maintenance of business tracking and compliance.
Meanwhile, the VAT scheme obliged the taxpayers to be registered under it with an annual gross turnover of only 10 lakhs. Almost all the older regime taxpayers have now got themselves registered under the new GST regime now.
There are multiple benefits of getting registered under GST as the tax regime would make the merchant eligible for all India trade beneficiary and will make him eligible for the input tax credit also.
In the past few months, there were reports of the increase in tax revenue collection which is a good indicator of economy arising through the tax collections. The increased number of the taxpayer would certainly help the tax scheme more fluid in coming years.
More and more taxpayer is set to come under the GST regime as the government is hoping for positive outlook towards this new indirect tax regime.
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