Search results for: gst revenue collection

Altered financial planning and targets for FY 2019 still aspires for changes in tax collection practice and rather make it more desirous, especially for GST as per the Goldman Sachs Economics Research.

The patient work and perfect strategy have reaped goodies for the GST Council as, after continuous downfall in the Revenue collection, January 2019 has come up with Good news for the Council.

The GST Council is providing an alternative to the traders and businesses of all states regarding the threshold limit of GST.

GST (Goods and Services Tax) was rolled out in July 2017. After GST, India is planning to improve and grow the tax-to-GDP ratio which will become India’s biggest changes till now.

The Goods and Services Tax (GST) which was rolled out on 1 July 2017 is a consumption tax which is charged on the supply of goods and services in India. The collection under GST is not able to touch the targets and are falling short of it.

GST Council gave a high sigh of relief to the Trade-industry on concessions but are doubtful whether it will be long-lasting or not. As per the Tax officials, the random changes and modifications in the rules created a self-contradictory situation due to which it is also possible that the discounts given will be taken back or will become neutral via other norms.

To help the government to check the GST evasion and track the goods, the GST e-way bill system will mostly associate with the FASTag mechanism of National Highways Authority of India (NHAI) from April.

Gradually, the Revenue generated through Tax collection has come down after the great results witnessed in the initial phase when GST was Implemented in the country and the speedy collection was done on the basis of the strict Tax collection rules.

GST collection dropped to Rs 94,726 crore in December 2018 as compared to November’s collection of Rs 97,637 crore.