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The GST collection for the FY 2017-18 stood at Rs 7.41 lakh. India’s new indirect tax law that subsumed 17 indirect taxes (central and state included) was launched on the midnight of July 1st, 2017 from the ramparts of the Red Fort in Delhi.
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.
The tax department has started sending notices to taxpayers asking them to provide documents in support of the transitional credit claims filed by them.
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.
In a major shift from VAT to GST, India has supported the new indirect tax regime from the core of its heart and its capabilities. Almost all the traders and taxpayers have tried to comply with the newly incorporated tax scheme and have done whatever the new law has demanded from them.
As the Union Budget is in the line and about to present after two weeks, the GST Council is considering to come down the tax rates for some products, as per the report the number is 80, and thinking over to include the real estate under GST in 25th GST council meeting.
Sushil Kumar Modi, one of the GST council member said that he supports the GST tax revenue to be stabilized before the ministerial panel decides to further tweak the GST rates or merge the slabs.
