After the GST collections dipped in February to Rs 85,174 crore from Rs 86,318 crore a month earlier, analysts caution that the figures reported so far are way below projections which will negatively impact the fiscal situation. The Narendra Modi-led government has already raised the fiscal deficit target for the FY-19 to 3.3%, against the previous plan of limiting it to 3%. In conversation with FE Online, M S Mani, Partner, Deloitte India said that the reasons for non-filing of returns by over 2 million registered taxpayers would be an area of concern for the tax authorities. Click to read more
The goods and services tax (GST) collections dipped marginally for February to Rs 85,174 crore, with only 69% filing returns as on March 26.
The collection for January was Rs 88,929 crore at the last count.
The last date for filing GST returns is 20th of the successive months, but a significant number are still not filing by then. The total number of those registered for GST is now 1.05 crore. Click to read more
Goods and Services Tax (GST) collections slid for a second straight month in February, 2018, to Rs 85,174 crore, as only 69 percent of all assessees filed returns, according to government data. January’s collection was Rs 86,318 crore, while in December and November, collections were Rs 88,929 crore and Rs 83,716 crore respectively. Click to read more
Recording a decline for the second consecutive month, goods and services tax (GST) revenue collections for February stood at Rs 85,174 crore (till March 26), Ministry of Finance said in a statement. Though 69 per cent of the assessees required to file GST returns filed for February — the same as that for January — the overall GST collections were 1.3 per cent lower than the revenue collected in the previous month and 9.5 per cent lower than the mop-up of July, the first month of the indirect tax regime. Click to read more
The fall in the Goods and Services Tax (GST) collection in February is a temporary phase and the upcoming ‘E-way’ bill is expected to give a boost to the indirect tax revenues, economy watchers said on Tuesday.
According to the Finance Ministry on Tuesday, the total revenue received under GST for February 2018 up to March 26 has been Rs 85,174 crore from January’s Rs 86,318 crore. Click to read more
Chief Economic Advisor Arvind Subramanian today made a case for developing a clear protocol for sharing of GST data with government departments, saying it is a reflection on state’s capacity and can also be used to estimate GDP in a better manner.
He further said that the introduction of e-way bill and matching of invoices will enormously help in increasing tax buoyancy and revenue collection. Click to read more
Goods and services tax network (GSTN), the information technology backbone of the new indirect tax regime, completes five years on 28 March. In an interview, Prakash Kumar, its chief executive officer, talks about the challenges GSTN faces, the criticism it has encountered for technological glitches, the steps it has taken to protect taxpayer information as well as ensure a successful GST e-way bill rollout from 1 April. Click to read more
With instances of tax evasion on the rise, authorities are keen to bring in fraud analytics to analyse goods and services tax (GST) data.
The GST Network will soon invite proposals from companies specializing in fraud analytics. These companies will be tasked with mapping specific patterns of taxpayers looking to defraud the exchequer. Click to read more
The government on Tuesday clarified several aspects of transactions between a principal manufacturer and a job worker under GST, and said that the compliance burden for certain transactions would be on the manufacturer. Under GST, ‘job work’ is defined any treatment or process undertaken by a person on goods belonging to another registered person. Click to read more
It has been 250 days of goods and services tax (GST) implementation. We set out on this journey with some trepidation, quite a bit of anxiety, there was excitement along the way and we have been comparing this GST to Race movie reason being that every time you think that you had the last twist and turn, there is one more. Click to read more
Ajay Sahai, Director General and Chief Executive Officer, Federation of Indian Export Organisations, said that for small and medium companies, a substantial portion of the refunds is locked in GST and they continue to face liquidity crunch. Unlike the bigger players, who have access to the domestic market, these companies solely depend on exports. Click to read more