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As the set target of eight months which stand at Rs. 7.28 trillion, the government slightly collected the revenue Rs. 100 billion low, as compared to the basic target mentioned by the authority for the starting eight months of Goods and Services implementation.
After normalizing the GST rates in the first phase of GST rollout, now the GST is paying heed in the next phase to anti-tax evasion.
Last week, the initial figures of revenue collection under Goods and Services Tax has been revealed showing a slowdown by Rs 1,144 crore when comparing the data with January revenue which was Rs 85,174 crore.
The Union ministry of commerce & industry now has given its consent to resolve the issues tolerated by the Indian pharma industry concerning export of research services. The government is likely not to impose GST for research related services.
After E-way bills roll out, less than 200,000 E-way bills generated on the day 1 as the anti-tax evasion measure under the GST, although the authorities set up for the higher volumes on April 2.
Instead of all earlier claims of the government that the new indirect tax would make taxpayers be more responsible in paying taxes, the number of taxpayers filed the returns in the seven months reveal the very different story.
The assumed reduction in GST rates on products like refrigerators, cement and air conditioners may get a hold because revenue collection in February is lower than the other previous months’ tax collections, said PwC’s Partner and Leader Prateek Jain.
The government has asked businesses to enroll for e-way bill ahead of roll-out from April 1 because only 11 lakh businesses and transporters registered for the platform yet.
The Goods and Services Network which plays an important role as GST IT backbone was established on 28 March 2013. On completing five years, Prakash Kumar, chief executive officer mentions the challenges, technological glitches, and criticism faced by the GSTN throughout.