Search results for: GST collection

Recently, there was discontentment within the finance ministry over the Tax revenues collected by the separate authorities including state and central government.

In a recent record and tweet shared by revenue secretary Hansmukh Adhia itself, the government had successfully collected a revenue of INR 94,016 crores for the month of May 2018.

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.

With the GST implementation in July 2017, it was predicted that the manufacturing states might face the revenue loss but producer states such as Uttar Pradesh and Bihar would generate a hike in revenue collection.

When it comes to proceeds from the soon to be a year old GST, the Indian state of Telangana is setting benchmarks which other states have found hard to emulate. In a stellar performance, Telangana has created a record by collecting Rs 1,876.93 crore of IGST and SGST in April this year.

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.

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 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.

Tax authorities in India are in the trouble with the 34,000 crores goods and service tax collection whereas the government is thinking it as tax evasion done by the taxpayers.