Even after 10 months of goods and services tax implementation, the officials are not able to provide the exact data by which one can differentiate between the tax revenues coming from different sources and particular goods and services.
It is still hard to describe that which particular product or service is helping in generating revenues and which one is far behind in making revenues for the government. The reason behind this unavailability is no records of a sector-wise collection of revenues of particular products.
Meanwhile the officials at Central Board of Indirect Taxes and Custom (CBIC) have started to prepare a dedicated software in a bid to secure the categorized data of all the products garnering taxes individually to ascertain the exact taxes.
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A senior GST official stated that “Take the example of services, prior to July 1, 2017, we used to have over 250 heads for recording revenue collection and we used to find which sector is performing well and which is not. As of now, we do not have such excel sheet under GST.”
It is to be seen how the government would determine the incoming taxes and categorize them according to their product base, as it would be helpful in making the government prepare and mould any tax slab in accordance for making an healthy tax applicability on the products to surge its demand.
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