Post GST

More Than 68,000 Companies Registered in 8 months Post GST: Union Minister

More than 68,000 organizations have been registered within 8 months, following the execution of the GST (Goods and Services Tax) rule, Union Minister P. P. Chaudhary said yesterday.

GST – the greatest tax change – was taken off from July 1, 2017.

“The total number of organizations registered amid the period from July 2017 to February 2018 (post-GST) is 68, 299,” the minister of state for corporate issues said in a composed answer to the Lok Sabha.

In an examination, the number of such elements was 63,106 between July 2016 and February 2017. In this manner expanding trend in the number of organizations’ registrations has been kept up post-GST, the minister included.

In a different answer, P. P. Chaudhary said that more than 17 lakh organizations had been registered in India till a year ago, out of which just 7,270 substances were live.

“There were just 7,270 active recorded organizations out of 17.21 lakh enlisted organizations as on December 2017 while in December 2014 there were 7,261 active recorded organizations out of 14.39 lakh enrolled organizations in India,” he included.

Additionally, the ministry has recorded legal action against 780 recorded organizations due to non-documenting of financial statements and yearly returns.

He additionally said that the names of more than 2.26 lakh organizations have been struck off from Registrar of Companies for neglecting to follow with regulatory needs as on December 2017, with Maharashtra accounting for the majority of these organizations.

ROCs recognized 2.97 lakh organizations amid 2017-18 which were not documenting their financial related statements or yearly returns for a constant time of at least two fiscals and, at first sight, were not directing any business activity.

Out of the total, deregistered firms, upwards of 59,849 organizations are from Maharashtra, trailed by Delhi (43,925), Gujarat (11,389), Karnataka (18,165), Tamil Nadu (24,723), and Telangana (16,817).

The minister, in a different answer, said that upwards of 48,886 legal actions against the organizations for violation of Companies Act, were pending as on January 2017 with the different courts. These have been documented by ROCs.

In 2016-17 (till November 2017), 4,775 new legal cases were documented. Accordingly, out of total 51,661 cases, a total of 4,703 legal actions were discarded and 46,958 legal cases were pending.

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