Even as total GST collections for the month of December came in at higher than expected Rs. 86,703 crore, the composition scheme under GST seems to be not working well as the figures for the quarter July-September 2017, shows only Rs 335.86 crore being collected.
“For the composition dealers, for quarter July-September 2017, the last date of filing GSTR 4 Return was 24 December, 2017. A total of 8.10 lakh returns were filed by Composition Dealers paying a total of Rs. 335.86 crores as GST,” said Ministry of Finance in a tweet. Click to read more
Thursday may bring some good news for the National Democratic Alliance (NDA) government. Collections under the Goods and Services Tax (GST) for January 2018 may see a rise compared to December 2017, sources told India Today.
GST collections since its inception in July last year had registered a steady drop. But the trend is likely to reverse. According to sources the collection for January 2018 (till the 25th of the month) may rise to around Rs 85,000 crore compared to Rs 80,808 collected for December (till 25th). Click to read more
Revenue collections under the goods and services tax have risen marginally in December. The Finance Ministry on Thursday said total revenue collections under GST for the month of December 2017 (received up to January 24) stood at ₹ 86,703 crore. It had stood at ₹ 83,346 crore in November 2017.
One crore taxpayers have been registered under GST, of which 17.11 lakh are composition dealers, who are required to file returns every quarter, the Ministry further said. Click to read more
Revenue collections from Goods and Services Tax (GST) marginally increased to Rs 86,703 crore during December, recovering from last month’s lows.
The revenue numbers for December, as released by the finance ministry, indicate tax collection till January 24. Till now, one crore taxpayers have been registered under the new indirect tax system, out of which 56.30 lakh GSTR 3B (summary form) returns have been filed for December. Out of the total number of taxpayers, 17.11 lakh are composition dealers who file returns every quarter. Click to read more
That the central government’s fiscal deficit touched 112% of the full year’s budget by November has raised a lot of concerns—particularly in the bonds market. Headline numbers suggest that the slippage is primarily on account of sluggish non-tax revenue and faster spending; and that the performance of tax revenue is almost on par with the previous year. However, when one digs deeper into the numbers of indirect tax revenue, potential cracks start emerging on that front too. Click to read more
The Goods and Services Tax (GST), aimed at replacing all indirect taxes such as VAT, entertainment tax, service tax, customs duty, central sales tax, etc, and making India one unified common market, is indeed a landmark tax reform in India.
However, ever since it was introduced on July 1 this year, businesses have been facing problems, which is understandable given the scale of the exercise. Here, we will deal with some of the problematic areas. Click to read more
Budget 2018-19 is the first union Budget after the implementation of GST in July 2017. After the implementation most provisions of the Goods and Services Tax (GST) were tweaked and tax rates of numerous products were reduced in subsequent GST council meets which resulted in a sharp decline in government’s tax collection figures.GST replaced more than a dozen indirect taxes; these indirect taxes together formed a bulk of the government’s earnings. Service tax alone accounted for more than 14% of the government’s revenue in the last Budget in 2017. Click to read more
The year 2017 was a year of radical changes for the real estate sector with numerous regulatory regimes coming in, including demonetisation, RERA, Benami Property Act and the Goods and Services Tax (GST). Both developers and consumers are still getting accustomed to the changes these have been brought into the industry. The Government of India’s goal of achieving ‘Housing for All by 2022’ plays a big role in holding the cart in the right direction. Click to read more
Do you know everything about GST now? Can you file GST? Do you know GST stands for Goods and Services Tax!? No? Voila! You are a GST non-expert too. GST was rolled out in July last year and Moneycontrol’s ‘non-experts’ are still trying to decode GST. Watch Non-Experts Kunal Kamra, Anirban Dasgupta and Sorabh Pant talk about what was playing in their minds when GST was announced, for real. Click to read more