The goods and services tax collections for August improved from the previous month even as rates were lowered on some items.
The revenue from GST paid for August stood at Rs 94,442 crore compared with Rs 93,960 crore in July, according to a statement of the Ministry of Finance. Collections in July had declined partly due to the impact of the rate cut on 88 items.
The government had cited the delay in sale of items on which GST rate was lowered on July 21—and became effective from July 27—for the dip. It, however, said the actual impact of the rate cut would be known only from collections for August. Click to read more
The GST revenue collection for September crossed Rs 94,000 crore as compared to Rs 93,960 crore in August. The latest GST number remains broadly on expected lines but falls short of the Rs 1 lakh crore target, say analysts. The total gross GST revenue collected in September is Rs 94,442 crore, of which CGST (central tax) amounts to Rs 15,318 crore, SGST is Rs 21,061 crore, and IGST is Rs 50,070 crore.
In a statement, the Ministry of Finance said the IGST of Rs 50,070 crore includes Rs 25,308 crore collected on imports, and cess of Rs 7,993 crore (including Rs 769 crore collected on imports). The total number of GSTR 3B returns filed for August up to September 30 is 67 lakh.” Click to read more
The GST collection for the month of September stood at Rs 94,442 crore against Rs 93,690 crore in August. Collections in September marked a slight uptick from the preceding month. However, it is lesser than the gross GST revenue in April, where it had exceeded 1.03 lakh crore.
As many as 67 lakh Goods and Services Tax (GST) returns were filed in September. The total number of GSTR 3B Returns filed for the month of August up to 30th September, 2018 is 67 lakh. Click to read more
Collection of goods and services tax (GST) stood at Rs 944 billion in September 2018, marginally improving by 0.5 per cent over collections that stood at Rs 940 billion in August.
Year-on-year, GST collections improved 2.5 per cent over September 2017 mop up of Rs 922 billion. The y-o-y growth in August was 3.3 per cent.
This has brought down the average monthly GST collection in 2018-19 marginally, from Rs 967 billion (April – August) to Rs 963 billion (April – September). Click to read more
The revenue department is planning to come out with a ‘GST informant reward scheme’ to check tax evasion by unscrupulous traders and businesses, an official said.
It will be on the lines of similar schemes for excise and service tax, which has been subsumed under the Goods and Services Tax (GST). Customs and Income Tax also have such informer reward schemes.
“The scheme is being planned to check tax evasion. Informers will be rewarded for providing specific clues regarding violation of GST laws,” the official told PTI. Click to read more
E-commerce operators will have to register themselves in every state where their suppliers are located for collection of TCS and foreign companies can appoint an ‘agent’ on their behalf for securing such registration, the CBIC has said.
E-commerce companies will from October 1 have to deduct 1 per cent tax collected at source (TCS) before making payments to their suppliers. The Central Board of Indirect Taxes and Customs (CBIC) has come out with a list of 29 FAQs answering industry queries on the modalities to be followed by the e-commerce operators for deducting TCS. Click to read more
In this context, the concept of the advance ruling seems to be the ideal resource for the befuddled taxpayer. The advance ruling mechanism provides a forum whereby any person (whether or not registered under the GST law) may approach the tax authorities to seek an answer to the question regarding tax position such as applicable tax rate, registration requirements and availability of input tax credit.
Unless appealed against, the answer to this question will be binding on both the assessee and the revenue authorities, significantly obviating the risk of future litigation. Has this mechanism fulfilled its potential? Click to read more
Income tax law is replete with the tax deduction at source (TDS) provisions so much so that it accounts for more than 25 percent of the income tax collections for the exchequer. A bulk of it comes from the salaried class whose tax liability is practically met through TDS. The other major mode of income tax payment i.e. advance tax does not bother the salaried class because TDS from salary is the actual tax and not a mere ad hoc deduction insofar as is the case with other incomes.
TDS serves two purposes—collect the tax as it is earned and foil tax evasion. When tax howsoever small is deducted at source, the person comes under the tax authorities’ radar. Click to read more