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It has been more than four months after GST rollout and now it seems that revenue loss chances have reduced. Data collected from GST Council shows that States are continuously enhancing GST collection by the remission of last due dates, a release of late payment charges for some time, and efforts of the government to attract towards compliance.
The GST Council is ready to cut down the items from the list of maximum tax slab of 28% by moving some products of daily usage and products from SMEs (Small and Medium Enterprises) to another lesser tax slab.
Vanaja N Sarna, Chairperson of Central Board of Excise and Customs (CBEC), said that the tax collected under the new tax regime is deviating from the expected figure and there are no targets in line to tweak the annual revenue goals.
Out of 65 lakh taxpayers, it is now evident that only 40 lakh taxpayers have filed returns under GSTR 1 for the month of July.
The government of India, including Centre and States, have collected nearly Rs 92,283 crore from the Goods and Services Tax, the collection amount is the very first month after the new tax regime was implemented in the country, said Union Finance Minister Arun Jaitley.
It has been two months since Goods and Services Tax Regime (GST) was implemented in the country and comes up with the new headache.
The GST Council has released GST return forms which are duly filled up every month for the return purpose. Along the 11 return forms, there are three forms which are considered to be significant and are to be filled up every month regularly. However, the forms are equal to everyone and include all the traders and merchants alike.
The demonetization drive which was launched last year on 8th November drew a lot of attention from the globe and praised the man behind it, Mr. Narendra Modi, the prime minister of India and the person who courageously shredded away high value 500 and 1000 rupees currency notes in order to curb black money. The black money was said to be stashed in cash with tax evaders from a long time and the time came the government instantly brought the value of those currency notes to zero.
Goods and service tax is approaching with queries solved in its pack, while it may create some upheaval upon implementation, but it is quite essential to create one. In the last year of discussion among the automobile association with the ministry
