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GST revenue News
No extra compliance burden on taxpayers for GST turnover displayed in Form 26AS: DoR
Mon, Nov 16, 2020
In a statement, the Department of Revenue (DoR) reiterated that there will be no extra compliance burden on the taxpayers for GST turnover displayed in the Form 26AS, which is an annual consolidated tax statement that can be accessed from the income-tax website by taxpayers using their Permanent Account Number (PAN).
Shortfall in tax collections, especially GST revenue, expected to pose major challenge to Modi govt to meet fiscal deficit target
Sun, Jan 27, 2019
The government has already admitted the revenue shortfall "since GST is still in stabilization stage" and has stated on multiple occassions that it is looking at attaining a monthly average of Rs 1 lakh crore as against the monthly target of Rs 1.12 lakh crore set in the Budget (including SGST and cess).
Input tax credit: Tax officials may examine high usage of ITC to set off GST liability
Sun, Jan 27, 2019
According to sources, availing ITC ideally should not result in loss of revenue but there could be possibility of misuse of the provision by unscrupulous businesses by generating fake invoices just to claim tax credit.
Budget 2019: Govt may fall short of Rs 1.5 lakh crore GST target
Wed, Jan 23, 2019
The GST trend in FY19 so far has been a mixed bag, with only two months posting over Rs 1 lakh crore revenue collection. It needs to be noted that, the centre estimated Rs 12.9 lakh crore
GST revenue likely to surge in coming months: FM Jaitley
Thu, Sep 28, 2017
Finance Minister Arun Jaitley today said the Goods and Services Tax (GST) collections in the first two months have met the target and going forward the revenue will see further surge.