The decline in the revenue collection as State GST (SGST) in Karnataka has spoilt chief minister Siddaramaiah’s plan to present a massive Rs 2.10 lakh crore budget for FY 2018-19, which was scheduled to be announced on 9th February.
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The decline in the revenue collection as State GST (SGST) in Karnataka has spoilt chief minister Siddaramaiah’s plan to present a massive Rs 2.10 lakh crore budget for FY 2018-19, which was scheduled to be announced on 9th February.
After so many ups and downs, encompassing the new Goods and Services Tax Regime (GST), Gujarat stood at the third position in GST collection among the top five states and managed to maintain its position throughout the country.
The goods and services tax has proved to be a problem for even states too as the latest news from the finance minister of West Bengal Amit Mitra has confirmed. The minister said that there is a revenue shortfall of around 39,000 crores in the first four months of revenue collections which is much less than estimated.
In a lieu to aware businesses about wrongful conduct in input tax credit claim, the Finance Ministry requested the businesses to relook at the claims from earlier tax regime
Sushil Kumar Modi, one of the GST council member said that he supports the GST tax revenue to be stabilized before the ministerial panel decides to further tweak the GST rates or merge the slabs.
We accept that the GST implementation slowly but reduced the drawbacks of the previously formulated tax collecting procedure. The Government is penetrating full-efforts to overcome loopholes in GST mechanism.
Approximately 4.3 million Traders have furnished an initial set of GST returns for October and the record marks the highest monthly return furnishing limit by the last date of the GST implementation.
The 23rd GST Council meeting in a row to make GST more effective proved to be big contentment for most traders with the council pronouncing a set of measures that reduced the compliance burden and tax rates on some eatery goods.
The GST Council is ready to cut down the items from the list of maximum tax slab of 28% by moving some products of daily usage and products from SMEs (Small and Medium Enterprises) to another lesser tax slab.