Skip to main content

The revenue department will focus on quarterly average of GST revenues for better analysis of revenue trend, an official said.

By
The revenue department will focus on quarterly average of GST revenues for better analysis of revenue trend, an official said.
 
While the Goods and Services Tax (GST) collections in April- the first month of the current fiscal - came in at Rs 1.03 trillion, the average monthly collection last fiscal from August-March was Rs 898.85 billion

"The department will look at quarterly revenue trends to better gauge the revenue trend. The aim is to increase the average revenue collection from what we achieved last fiscal," a senior official said.

From 2018-19 fiscal, the government has shifted to a cash basis of accounting where revenues accrued at the completion of a month would be taken on record immediately at the end of the month.

Accordingly, the Rs 1.03 trillion GST collected in April reflects the Central GST and State GST which accrued in March.

While releasing the April tax collection data on Tuesday, the Finance Ministry had said that in March which is the last month of a financial year, taxpayers pay arrears of some of the previous months also and, therefore, this month's revenue cannot be taken as a trend for the future.

The official, however, said that the GST collections in May too are expected to be higher as e-way bill was implemented across the country from April 1.

Touted as anti-evasion measure, the e-way bill is required to be generated for moving goods worth over Rs 50,000 from one state to another. This provision has been rolled out in 17 states for movement of goods within the states and more states would follow the suit.

The provisions are expected to boost tax collections by clamping down on trade that currently happens on cash basis.

Other such measures like reverse charge, TDS and TCS provisions and invoice matching, which are currently kept in abeyance, will help raise GST collections once they are implemented.

The GST Council will meet on May 4 to discuss a simplified one-page return filing system wherein input credits can be availed by the taxpayer once the invoice uploaded on the portal by sellers are accepted by the respective buyers.

Besides, the ministerial panel under Bihar deputy chief minister Sushil Modi is looking at ways to implement the reverse charge mechanism for levying GST.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Business standard, New Delhi, 03 May, 2018

Comments

Post a Comment

Popular posts from this blog

RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

By
  India's digital lending infrastructure has made the loan sanctioning system online. Yet, loan recovery still needs a “feet on the street” approach, Swaminathan J, deputy governor of the Reserve Bank of India, said at a media event on Tuesday, September 2, according to news agency ANI.According to the ANI report, the deputy governor flagged that fintech operators in the digital lending segment are giving out loans to customers with poor credit profiles and later using aggressive recovery tactics.“While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending small-value loans to customers often with poor credit profiles,” Swaminathan J said.   Fintech platforms' business models The central bank deputy governor highlighted that many fintech platforms' business models involve providing sm
Post a Comment
Read more

Credit card spending growth declines on RBI gaze, stress build-up

By
  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the rep
Post a Comment
Read more

India can't rely on wealthy to drive growth: Ex-RBI Dy Guv Viral Acharya

By
  India can’t rely on wealthy individuals to drive growth and expect the overall economy to improve, Viral Acharya, former deputy governor of the Reserve Bank of India (RBI) said on Monday.Acharya, who is the C V Starr Professor of Economics in the Department of Finance at New York University’s Stern School of Business (NYU-Stern), said after the Covid-19 pandemic, rural consumption and investments have weakened.We can’t be pumping our growth through the rich and expect that the economy as a whole will do better,” he said while speaking at an event organised by Elara Capital here.f there has to be a trickle-down, it should have actually happened by now,” Acharya said, adding that when the rich keep getting wealthier and wealthier, they have a savings problem.   “The bank account keeps getting bigger, hence they look for financial assets to invest in. India is closed, so our money can't go outside India that easily. So, it has to chase the limited financial assets in the country and
Post a Comment
Read more