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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.
After a thorough analysis of GST returns and tax data received so far, the GST Council has started issuing scrutiny notices to businesses who have not paid tax in the line of their final tax returns.
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.
Inspired by the continuous increase in tax compliance ever since the launch of the goods and services tax regime, the GST Council has set the target for GST revenue for the ongoing financial year (FY19) at Rs 12 trillion.
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.
There is a good news for the construction equipment industry as the sector is all set to grow higher in this year due to slashed GST rates on them. It is expected that the industry may sell over one million units globally this year, as mentioned by the significant player in the industry, JCB.
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.
