The performance audit of GST (Goods and Services Tax) has been conducted by the Comptroller and Auditor General (CAG) and will mostly complete its report as soon as possible. The forthcoming Winter Session beginning 11 December may get to see the performance audit report on the GST.
Since the implementation of GST on July 1, 2017, the CAG is auditing the functioning of GST reign. The people said that the audit aspect would include registration, refund, input tax credit, transition credit mechanism, ease of payment of taxes and the impact on the economic activity.
People also said that to get clarity on the functioning of GST, the CAG team has already visited the GST commissionerates in the major states. The CAG looks at programmes, systems, and activities to check if they are as per the principles of economy which is the part of the performance audit, and also checks whether there is an opportunity for further advancement.
However, the revenue collections will not be considered in the GST audit but will focus on the implementation aspect.
GST has been identified as the biggest tax reign since Independence, but in the starting months of its implementation with the GSTN, it faced many major problems as it was not able to take responsibilities of last-minute monthly return filing rush.
The monthly average revenue collection from GST in the last fiscal (July 2017- March 2018) was Rs 89,886 crore. At present fiscal, GST collect stood at Rs 1.03 trillion in April, Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July, Rs 93,960 crore in August, Rs 94,442 crore in September and Rs 1 trillion in October.
