GST Collection | Falls short by 40 per cent | GST news today
GST news Today: Central GST collection reached 40 per cent estimate between April to November 2019-20, according to data presented in parliament on Monday.Fin
- by B2B Desk 2019-12-10 09:07:43
- The actual value of the CGST collection during the months of April and November was Rs 3,28,365 crore, while the budgeted estimate is Rs. 5,26,000 crore for these months, MoS Finance Anurag Thakur said in a written response in Lok Sabha.
- In the period 2018-19, the actual CGST collection was Rs 4,57,534 crore compared to the provisional estimate of Rs. 6,03,900 crore for the year
GST news Today: Central GST collection reached 40 per cent estimate between April to November 2019-20, according to data presented in parliament on Monday.
Finance Minister Anurag Singh Thakur said that the actual CGST collection during April and November was Rs. 3,28,365, crore while the budgeted estimate is Rs. 5,26,000 crore for these months.
The minister added that the data was temporary.
He said that in the period 2018-19, the actual group CGST was Rs. 4,57,534 crore compared to the provisional estimate of Rs 6,03,900 crore for this year.
In 2017-18, the CGST collection was Rs. 2,03,261 crore.
The minister said that as of October, up to 999 cases had been registered to evade GST tax and Rs. 81,34.39 crore had been recovered.
During the period 2018-19, a total of Rs. 19,395.26 crore(1473 cases) was recovered and in the 2017-18 period, it was Rs. 757.81 crore (148 cases).
To strengthen monitoring tools to prevent GST evasion, a focus was placed on system-based analytical tools and the intelligence generated by systems, Thakur said.
"In this regard, the Directorate General of Analytics and Risk Management(DGARM) was created by the CBIC. In addition, E-way invoice teams were activated to randomly check the goods in transit," he said.
The Minister also informed the Chamber that it has introduced a new CGST rule that limits the Input Tax Credit (ITC) used by the taxpayer not to exceed 20 per cent of the eligible credit available in relation to invoices or debit notes.
Thakur said that the restrictions imposed by ITC will lead to a decrease in fraud cases, as well as an increase in the payment of taxes, which increases the GST collection.
Image Source: MoneyControl
Also Read: Woovly | Social Discovery Platform | raised $2.5 million funding
POPULAR POSTS
GST Council Likely to Consider Lowering Tax on Online Food Delivery Fees
by B2B Desk, 2024-12-17 08:26:30
GST on Cigarettes, Tobacco, and Aerated Beverages Likely to Be Hiked: New 35% Slab Proposed
by B2B Desk, 2024-12-03 11:18:47
Who Needs to File GST Annual Return by December 31, 2024?
by B2B Desk, 2024-11-13 09:02:40
GST Reduction Expected to Make Insurance More Affordable, Says Finance Department
by B2B Desk, 2024-10-23 10:27:40
New GST amnesty scheme notified: Waiver of interest and penalty on GST tax demand for eligible taxpayers to be effective from November 1, 2024
by B2B Desk, 2024-10-10 09:00:06
GST Council to Consider Reducing GST on Health Insurance Premiums
by Gaurav Grover, 2024-09-09 08:36:36
Everything You Need to Know About the GST Composition Scheme
by B2B Desk, 2024-08-07 08:28:32
Follow on Insta
RECENTLY PUBLISHED
Vladimir Putin Accuses Google of Pushing US Political Agenda Amid YouTube Tensions
- by B2B Desk, 2024-12-20 10:57:52
Stock Market Crash: Sensex Cracks 1,200 Points; Why is the Indian Stock Market Falling Today? Explained with 5 Factors
- by B2B Desk, 2024-12-19 06:29:28
Beware of 'Digital Arrest' Scam: NPCI's Must-Know Tips to Protect Your Money and Identity
- by B2B Desk, 2024-12-18 06:58:21
Magicpin Introduces MagicNOW: 15-Minute Food Delivery on a Pilot Basis
- by B2B Desk, 2024-12-18 06:37:47
Subscribe now
x
![logo]()
