The administration currently decided to reset Goods and Service Tax collection targets. The current targets set by the government are Rs. 1.15 lakh crore for February and Rs. 1.25 Lakh crore for March, which are higher than the GST collections of December The government finally crossed the 1 lakh crore mark of GST revenue from a long time in the month of December 2019 with INR 1,03,184 of gross GST revenue. Read More.
The hike in the targets is a conclusion derived after the meeting where all the influential people from Central Board of Indirect Tax and Customs (CBIC) and Central Board of Direct Taxes (CBDT) were present. The targets if achieved will give relief to the government which is stuck in a situation of sluggish revenue growth, said influentials in the tax field.
Concerned tax departments have already been instructed to strictly investigate the tax evasion cases so that the evasion plague could completely be eradicated resulting in some elevation in GST revenue collection. The prime targets of these high-level investigations by tax inspectors will be the unscrupulous ITC seekers, identified default taxpayers and the actions against them will be taken by revenue secretary.
Authorities will investigate the cases of tax frauds with the help of data analysis that will reveal the mismatch of supply and purchase invoices, variations in return filings, excess refund claims, ITC claims based on false invoices, etc. the tax administration will thereon send text messages and emails to the defaulters and also make visits to ensure timely tax payments by them.
GSTN’s trial for new returns has got a commendable response as over 363,855 new returns were uploaded till January 12 using the offline compliance tool which commenced on a trial basis from 4 January. GST Network is now conducting analysis for new GST return filing New Filing System for filing Simplified Returns under GST has been the fiery topic since past few months. The government notified the launch of the new system for trial purpose to make the taxpayers on board with the same. Read More to sort out difficulties (if any) before implementing it on a mandatory basis in April.
Suggestions from the users will be welcomed based on which more improvements will be done. Till now GSTN has received around 750 inputs from the industry.