The Goods and Service Tax (GST) implemented on July 1, 2017, by the government and the states governments would get the compensation for five months as announced, it was reiterated by the Panneerselvam while introducing the budget 2018-2019 in the assembly meeting.
The collection under newly implemented indirect tax regime will get boom after April and expected to go over Rs 90,000 crore per month, as stated by the officials of Central Board of Excise and Customs (CBEC).
The GST collection touched Rs 86,703 crore in December and slipped down to Rs 86,318 crore in January. Vanaja Sarna, CBEC chairperson said, “Hopefully, in the coming financial year, we should be seeing buoyancy (in GST collection). Those who did not come into the fray should come into the fray. Enforcement action will take place and you will get more people on board. I am very confident that it (GST collection) will go above Rs 90,000 crore (a month).”
She also agreed that the problems in the starting phase of GST are finally setting down. She said, “A lot has been settled. All technologies that are required are there.”
To make quick refunds to exporters, CBEC is planning to establish GST refund fortnight in India from March 15 to March 29.
The exporters who have problems regarding Input Tax credit (ITC) claim or IGST refunds pending with CBEC can go to the offices to take help from the officials.
The refunds amounting Rs 5,000 crore are already distributed to the exporters, but almost 70% of the refunds stuck in the mid-way, although, it has been 8 months of GST implementation.
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