NEW DELHI: Goods and Services Tax (GST) collections in May amounted to Rs 94,016 crore, down from April’s record Rs 1.03 lakh crore but well above the monthly average since the tax was rolled out on July 1 last year, indicating the levy was stabilising and compliance was rising.
Read more at:
//economictimes.indiatimes.com/articleshow/64411937.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppstFinance secretary Hasmukh Adhia said the May GST collection was higher than the monthly average of Rs 89,885 crore in FY18. “This reflects better compliance after introduction of e-way bills,” tweeted Adhia, who is also the revenue secretary.
Read more at:
//economictimes.indiatimes.com/articleshow/64411937.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppstThe GST Council had introduced electronic way bills or e-way bills on April 1 for the movement of goods within states to clamp down on evasion. They are required for transport of goods over Rs 50,000.
Read more at:
//economictimes.indiatimes.com/articleshow/64411937.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
The May collection shows the economy may be recovering from GST implementation blues, experts said. “The growth in the economy in the January-March quarter has been robust and is indicative of the fact that the initial hiccups in GST implementation are now largely behind us,” said Atul Gupta, senior director, Deloitte India.
Read more at:
//economictimes.indiatimes.com/articleshow/64411937.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppstIndia’s GDP growth beat expectations to clock 7.7% in the fourth quarter of FY18, according to official data released on Thursday.
Read more at:
//economictimes.indiatimes.com/articleshow/64411937.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppstThough the current month’s revenue collection is less compared to last month’s revenue, still the gross revenue collection in the month of May (Rs 94,016 cr) is much higher than the monthly average of GST collection in the last financial year (Rs 89,885 cr),” the ministry said in a statement. “The April revenue figure was higher because of year-end effect.”
Read more at:
//economictimes.indiatimes.com/articleshow/64411937.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppstUnder GST, collections in a month are for goods and services sold in the previous month as returns are filed on the 20th of the next month. April collections related to March and benefited from the year-end effect. Adhia said it was not right to compare the May collections for the month of April with that of the previous months.
Read more at:
//economictimes.indiatimes.com/articleshow/64411937.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Under GST, collections in a month are for goods and services sold in the previous month as returns are filed on the 20th of the next month. April collections related to March and benefited from the year-end effect. Adhia said it was not right to compare the May collections for the month of April with that of the previous months.
Read more at:
//economictimes.indiatimes.com/articleshow/64411937.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppstUnder GST, collections in a month are for goods and services sold in the previous month as returns are filed on the 20th of the next month. April collections related to March and benefited from the year-end effect. Adhia said it was not right to compare the May collections for the month of April with that of the previous months.
Read more at:
//economictimes.indiatimes.com/articleshow/64411937.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppstCall of duty: GST collections begin FY19 on a strong note
ET Online|Updated: Jun 02, 2018, 06.43 AM IST
10
Comments
RAIGAD: The Income Tax Department now ranks among the top three "revenue-earners" of the central government and there is still a huge potential for growth, a top IT official has said.
Principal Chief Commissioner of Income Tax, (PR-CCIT) Pune, Vinodanand Jha said in a statement released on Saturday that there was a huge possibility of tax revenue growth from the Panvel region.
Jha had inaugurated a new Aaykar Bhavan building in Panvel on Friday, which will significantly reduce ..
Read more at:
//economictimes.indiatimes.com/articleshow/64428270.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst