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.
Powerd By SAG INFOTECH
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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.
The government has limited the further reduction in rates observing the revenue shortfall in GST collection in the first quarter of the fiscal of above Rs 40,000 crore.
The upcoming 30th GST council meeting is scheduled to be held on 30th September in Goa.
The Goods and Service Tax was criticised from the very first day for its multiple tax slabs. A major point that was raised in favour of multiple tax slabs in the ‘One Nation, One Tax’ regime was the great disparity in the purchasing capacity of the common Indian citizens.
The GST collections for the month of July showed a slight spike further cementing the effectiveness of the E-way Bill. GST accrues for the month stood at ₹ 96,483 crore.
Among the many changes and improvements the GST system brought to the Indian economy, a major increase has been reported in the direct tax revenues and corporate tax collection in the post-GST era.
GST was touted as ‘One Nation One Tax’ since its introduction on July 1st, 2017 GST has undergone many changes both structural and provisional.
Infosys is now geared up to release a new GSTR filing form in order to simplify the IT return form for the business units as ordered by the GSTN Group of Ministers (GoM).
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.