The government has limited the further reduction in rates observing the revenue shortfall in GST collection in the first quarter of the fiscal of above Rs 40,000 crore.
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The government has limited the further reduction in rates observing the revenue shortfall in GST collection in the first quarter of the fiscal of above Rs 40,000 crore.
The upcoming 30th GST council meeting is scheduled to be held on 30th September in Goa.
The GST was introduced to boost tax revenue in India. But the first year of GST has been so far a mixed bag in terms of tax revenue. 31 out of the 34 Indian States/UT’s have reported revenue shortfall.
Under GST provisions, the government collects integrated tax for Goods and Services utilization and later share this collection between the centre and states.
Malaysia is thinking to discard the goods and services tax (GST) in the country. It has been three years of GST roll out in Malaysia and it is advisable for India to move deliberately in the upcoming years as India also needs to stabilize the new indirect tax regime rolled out in July 2017.
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 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 government has asked businesses to enroll for e-way bill ahead of roll-out from April 1 because only 11 lakh businesses and transporters registered for the platform yet.
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.