Gst council meeting is scheduled on Saturday to have to the discussion over the two important topics- the successful implementation of the e-way bill and the lower collection of goods and service tax(GST) under the composite scheme.
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Gst council meeting is scheduled on Saturday to have to the discussion over the two important topics- the successful implementation of the e-way bill and the lower collection of goods and service tax(GST) under the composite scheme.
It has been almost eight months since the Goods and Services Tax (GST) was launched in India and it is still going through changes. GST is far from a stable state.
In the starting of January, the GST network (GSTN) Chairman Ajay Bhushan Pandey has said, 55 lakh goods and services tax (GST) returns has been filed so far, which is a rising curve of assessees under the country new tax regime.
In the upcoming 26th, GST council meeting which is to be held soon may not see any inclusion of real estate within the GST scheme as many of the states is not ready to give up the stamp duty revenue which is garnered in a huge number.
In a very exciting news from the government revenues department is that the estimations of revenues from the Goods and Services Tax may cross INR 1 lakh crore a month mark while going towards the end of upcoming next fiscal year
The government is concerned regarding the Rs 50,000-crore shortfall generated in goods and services tax collections during the year 2017-18. Although, the government hopes to compensate this shortfall with the collection hike of 67% in the year 2018-19 and expects to cut rates before the 2019 elections.
Arvind Subramanian, the Chief economic adviser of the government of India, recently gave a hint that the country might be headed to implementing a single rate for GST, which was launched in July 2017.
GST has not only increased the indirect tax base but also revealed the hidden face of Indian economy. GST has opened many folds after analyzing the facts and put shocking data in front of India.
After a lower collection of GST, the collections have now picked up the pace in the month of December, accounting to Rs 86,703 crore.