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
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