One very important outcome of the 27th GST Meeting was the Government’s decision to take complete ownership of the GSTN Network.
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One very important outcome of the 27th GST Meeting was the Government’s decision to take complete ownership of the GSTN Network.
Arvind Subramanian, the Chief Economic Advisor to the Government of India, had a few months back asserted that Insights From GSTN Data Could Drive Economic Decisions.
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.
The first month of the current fiscal year will witness new changes in the reporting of GST collections. The move comes at the back of the Finance Ministry’s attempt to get rid of the delay that cripples actual revenue accrual.
The GST law defines strict penalty rules and offences guidelines for Indian taxpayers to follow and ensure frictionless intrastate or interstate goods movement, reduce corruption and efficient tax collection system.
GST was a complete overhaul of the existing taxation system in India. Powered by the GSTN Network, it was India’s first big step towards a true digital economy.
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.
GST collections witnessed a slow down for the second consecutive month in the last quarter of the current financial year. The collections for the month of February stood at Rs 851.74 billion.
The GST was supposed to make Indian Taxation System Good and Simple. But after more than eight months down the line, it seems that the new GST regime is marred by technical glitches and operational complexities.