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In a very exciting news from the government revenues department is that the estimations of revenues from the Goods and Services Tax may cross INR 1 lakh crore a month mark while going towards the end of upcoming next fiscal year
The government is concerned regarding the Rs 50,000-crore shortfall generated in goods and services tax collections during the year 2017-18. Although, the government hopes to compensate this shortfall with the collection hike of 67% in the year 2018-19 and expects to cut rates before the 2019 elections.
Arvind Subramanian, the Chief economic adviser of the government of India, recently gave a hint that the country might be headed to implementing a single rate for GST, which was launched in July 2017.
GST has not only increased the indirect tax base but also revealed the hidden face of Indian economy. GST has opened many folds after analyzing the facts and put shocking data in front of India.
The GST council chairperson and the union finance minister of India Arun Jaitley indicated that the goods and services tax has got on the track very well
In a major shift from VAT to GST, India has supported the new indirect tax regime from the core of its heart and its capabilities. Almost all the traders and taxpayers have tried to comply with the newly incorporated tax scheme and have done whatever the new law has demanded from them.
To deal with the increasing tax evasion cases, the Indian government is planning to bring the composition scheme under the reverse charge mechanism.
In the pre-budget 2018 meeting, the finance minister Arun Jaitley discussed with state government about the current situation. The state government from Congress-led government and regional parties mentioned the revenue drop and agriculture suffering from GST implementation.
As the Union Budget is in the line and about to present after two weeks, the GST Council is considering to come down the tax rates for some products, as per the report the number is 80, and thinking over to include the real estate under GST in 25th GST council meeting.
