It is expected that the goods and services tax can touch a skyhigh of 95000 crores of revenue collection this March 2018 when the return will be filed by April 20. To note down, this will be higher than the previous collections of 87,000 crores in the previously gone 5 months.
The GST collections were the all-time high in the first 3 months when they touched even 90,000 crores but in the last 2 months, it, however, saw some decline. The collections were around 84,000 crores in the month of November which later gained the momentum and bounced back to the better 89,300 crores in the month of March.
It is better to see the economy gain the benefits of GST after its implementation, as the indirect tax had gone into major changes in the month of October and November 2017. The slab rate was the first target of the GST council which sliced out products from the higher 28 percent slab into lower with overall product coming up to 50.
The issues came into the picture as there was no clarity over the provisions of GST and its everchanging laws and regulations buy the GST Council. The month of August, September and October saw dear revenue collections while for the upcoming months it fell down close to 9,200 crores and further 2,200 crores.
It is known that the collection only got improved in December when the rates were stabilised and the provisions were clear to the taxpayers through multiple GST sessions and public outreach programs.
The rule changes were also the factors in the frequency of GST revenue collections, as there were input tax credit provisions which were modified a little according to the taxpayer’s demand. Also, the festival season that came within this time period also given some spikes in the GST collection for a month or two.
