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.
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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.
When it comes to proceeds from the soon to be a year old GST, the Indian state of Telangana is setting benchmarks which other states have found hard to emulate. In a stellar performance, Telangana has created a record by collecting Rs 1,876.93 crore of IGST and SGST in April this year.
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 tax department has started sending notices to taxpayers asking them to provide documents in support of the transitional credit claims filed by them.
It has been more than nine months since the GST was launched in India, but businesses it seems are still finding it difficult to get their head around India’s new indirect tax regime.
GST E-way bill has been implemented from April 1st, 2018 and more than 11.18 lakh taxpayers registered through the online e-way bill portal till now.
Last week, the initial figures of revenue collection under Goods and Services Tax has been revealed showing a slowdown by Rs 1,144 crore when comparing the data with January revenue which was Rs 85,174 crore.
The assumed reduction in GST rates on products like refrigerators, cement and air conditioners may get a hold because revenue collection in February is lower than the other previous months’ tax collections, said PwC’s Partner and Leader Prateek Jain.
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.