Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: due date for vat payment :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: cpt :: TDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: form 3cd :: VAT Audit
 
 
« GST - Goods and Services Tax »
 GST Ordinance To Be Replaced With Bill
 Tax dept starts probe into Bitcoin exchanges to ascertain rate they can be taxed under GST
 GST Update On Proof Of Export
 GST impact on economy - Part 2
 Banks, insurance companies under lens for inflated tax credits
 GST-Practical Difficulties In Filing And Solution, Code Of Ethics (Indirect Taxes)
 How the dynamics between GST and inflation will play out
  GST data may be used to track income-tax evaders
 Documents, Accounts & Records In GST (Part-III)
 GST data may be used to track income-tax evaders
 GST brings down cost of Delhi Metro expansion

GST receipts in August raise questions about compliance
September, 27th 2017

GST collection in August stood at Rs90,669 crore, 3.6% less than the GST collected in July, as businesses attempted to settle down in the new system despite technology hiccups

Union and state governments collected Rs90,669 crore as goods and service tax (GST) in August, 3.6% less than what was collected in July, the first month of the indirect tax reform, as businesses and traders attempted to settle down in the new system despite technology hiccups.

A finance ministry statement on Tuesday said these receipts do not include taxes from over a million small assessees who have opted for a liberal quarterly tax payment system.

Only a little more than half of the 6.8 million assessees who were required to remit taxes and file returns met the deadline, said the statement. It implies that either the actual receipts may go up further as many who missed the last date opt for paying taxes with interest, or many taxpayers who got migrated from the earlier tax system to GST are not required to pay.

Businesses with at least Rs20 lakh turnover are required to pay GST, a threshold higher than the Rs10 lakh that existed earlier for service tax and Rs5-10 lakh that existed for value added tax (VAT). An automatic migration of all taxpayers from the earlier system to the new one would mean that some of the registered GST payers may eventually forfeit their registration since they do not reach the Rs20 lakh threshold.

Some experts said the low level of compliance needs to be studied. Abhishek A Rastogi, a partner at law firm Khaitan & Co. called it an “alarming fact.” “The government should go to the root cause and analyse whether these assesses are facing some genuine problems or they have been migrated automatically and are not required to comply,” he said.

In August, central government’s share of GST stood at Rs14,402 crore while states collected Rs21,067 crore. Integrated GST or IGST which is collected on inter-state commerce and imports stood at Rs47,377 crore. Of this, imports accounted for Rs23,180 crore. “The above figures obviously do not include the GST to be paid by 10.24 lakh assessees who have opted for the composition scheme (meant for small taxpayers). Additionally, there are still a number of assessees who have not filed their return either for July or August, 2017,” said the ministry statement.

Abhishek Jain, tax partner at consulting firm EY India, said it was too early to hazard a guess on overall GST collections as many taxpayers have still not paid GST. Besides, there is inconsistency in collections because of transitional credit and exporters not being able to claim refund of GST. “Things would settle down only in the next few months,” said Jain.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions