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Under GST provisions, the government collects integrated tax for Goods and Services utilization and later share this collection between the centre and states.
In a recent record and tweet shared by revenue secretary Hansmukh Adhia itself, the government had successfully collected a revenue of INR 94,016 crores for the month of May 2018.
As per a message recently tweeted by the Ministry of Finance, the net direct tax (income tax, etc) amount collected for the financial year 2017-18 is over Rs 10.03 lakh crore, with a year on year growth of 18%, which is the highest in the past 7 years.
Even after 10 months of goods and services tax implementation, the officials are not able to provide the exact data by which one can differentiate between the tax revenues coming from different sources and particular goods and services.
With the GST implementation in July 2017, it was predicted that the manufacturing states might face the revenue loss but producer states such as Uttar Pradesh and Bihar would generate a hike in revenue collection.
The GSTN that powers India’s new destination based indirect tax, The GST, was never supposed to be a mere online portal for Tax Collection.
New Delhi, the National Capital, and Mumbai, the Financial Capital, are now recording an unprecedented increase in petrol and diesel prices.
After a thorough analysis of GST returns and tax data received so far, the GST Council has started issuing scrutiny notices to businesses who have not paid tax in the line of their final tax returns.
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.
