Taxpayers can use ITC to discharge GST dues for March: Finance Ministry

By: |
March 20, 2021 8:35 PM

Goods and Services Tax (GST) collections crossed the Rs 1 lakh crore mark for the fifth month in a row in February.

Taxpayers can use ITC to discharge GST dues for March: Finance MinistryThe economy is witnessing a "V" shape trajectory in the GST revenue collections.

The Finance Ministry on Saturday said GST taxpayers can utilise the Input Tax Credit available in their credit ledger to discharge their GST dues for the month of March.

“Taxpayers are free to utilise the Input Tax Credit available in their credit ledger, as permissible in law, to discharge their GST dues for the month of March, 2021 — the last month of this financial year,” the Central Board of Indirect Taxes and Customs (CBIC) said in a statement.

Goods and Services Tax (GST) collections crossed the Rs 1 lakh crore mark for the fifth month in a row in February. The mop up in February was Rs 1.13 lakh crore.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Export hubs urge migrant workers not to leave
2Salaried jobs lost: 10 million & counting
3Commerce Ministry to meet exporters on April 20 to discuss export scenario