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Among the many changes and improvements the GST system brought to the Indian economy, a major increase has been reported in the direct tax revenues and corporate tax collection in the post-GST era.
GST was touted as ‘One Nation One Tax’ since its introduction on July 1st, 2017 GST has undergone many changes both structural and provisional.
Infosys is now geared up to release a new GSTR filing form in order to simplify the IT return form for the business units as ordered by the GSTN Group of Ministers (GoM).
In a dramatic yet appealing suggestion made by the Institute of Chartered Accountants of India (ICAI) to the finance minister, the total came out to be 121 suggestions.
The next GST Council meeting is all set to be held on July 21, 2018. Among many issues to be discussed in the meeting, one is related to the reduction of GST rate on various products and services, especially the ones which do not add much in terms of revenue to the government.
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.
The National Anti-Profiteering body set up under the newly introduced GST ensures that the benefits from GST rate reduction reach the consumer.
Under GST provisions, the government collects integrated tax for Goods and Services utilization and later share this collection between the centre and states.
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.
