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IGST is levied on the interstate supply of goods and services as well as Indian imports and exports. Exports are zero-rated under the IGST Act.
As the GST collection is not as per the government prospect, revenue secretary Hasmukh Adhia is working towards ways to enhance the tax influx.
Since July 8, 2017 – the day when GST was implemented in J&K, it has been observed by tax officials that the state revenue collection in the state dropped down nearly by Rs 1300 crore.
GST collection is been positive for a long time and now is the time, that the government should think upon the correct and optimum usage of the GST tax collections.
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.
