In the month of October 2018, approximately Rs 32,000 crore present in Integrated Goods and Services Tax (IGST) pool is distributed among the centre and states.
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In the month of October 2018, approximately Rs 32,000 crore present in Integrated Goods and Services Tax (IGST) pool is distributed among the centre and states.
The Big news has come for the Oil Refineries as there is an announcement for relief in regards to the GST payment against the job outsourced by these oil companies.
According to the strict compliance set by the goods and services tax, not only taxpayers but also the GST officers will be in trouble in case if there are some discrepancies found in the cases related to the GST.
In a unique way to persuade taxpayers into paying GST will be tried by the GST officers according to a newly ‘Nudge team’ formulation which would further develop strategies based on the behaviour of the taxpayer.
According to a national tax leader at a reputed financial service providing company, there is an increase in direct tax as Goods and Services Tax (GST) has not given returns as the way it was expected.
The national accounts statistics will soon fetch the quarterly goods and services tax data and details on the taxpaying units which will further improve the quality, as mentioned by the statistics ministry.
To help the states hit by natural calamities, a panel of state finance ministers decided to intend a ‘disaster cess or tax’ under the goods and services tax (GST) and decided to get the reply of all the states on this matter.
Through goods and services tax (GST), Rs 30,321.67 crore was earned by the state government in the second quarter in this financial year (2018-2019). As compared to the first quarter, the revenue is Rs 5,632.42, or 15.66 percent less.
The falling GST revenue collections will be hard to contemplate for the finance minister in order to reduce down the fiscal deficit target of 3.3 percent this year.