In the month of October 2018, approximately Rs 32,000 crore present in Integrated Goods and Services Tax (IGST) pool is distributed among the centre and states.
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In the month of October 2018, approximately Rs 32,000 crore present in Integrated Goods and Services Tax (IGST) pool is distributed among the centre and states.
The Big news has come for the Oil Refineries as there is an announcement for relief in regards to the GST payment against the job outsourced by these oil companies.
According to the strict compliance set by the goods and services tax, not only taxpayers but also the GST officers will be in trouble in case if there are some discrepancies found in the cases related to the GST.
According to a national tax leader at a reputed financial service providing company, there is an increase in direct tax as Goods and Services Tax (GST) has not given returns as the way it was expected.
The national accounts statistics will soon fetch the quarterly goods and services tax data and details on the taxpaying units which will further improve the quality, as mentioned by the statistics ministry.
Through goods and services tax (GST), Rs 30,321.67 crore was earned by the state government in the second quarter in this financial year (2018-2019). As compared to the first quarter, the revenue is Rs 5,632.42, or 15.66 percent less.
The falling GST revenue collections will be hard to contemplate for the finance minister in order to reduce down the fiscal deficit target of 3.3 percent this year.
The Bihar Deputy Chief Minister and GST Network GoM panel head Sushil Kumar Modi hinted towards the abolishment of the highest GST rate in the slab i.e. 28% as soon as possible.
A Senior official stated that the tax department has been working to implement GST informant reward scheme to reduce the cases of tax evasion by unethical traders and businesses under the new indirect tax regime.