Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 4-7-2018 – Goods and Services Tax was launched on the 1st July, 2017 in a majestic ceremony held in the Central Hall of Parliament on the midnight of 30th June, 2017. The first year has been remarkable both for the sheer variety of challenges that implementation of GST has thrown up and for the willingness and ability of policy makers and tax administrators to rise up to these challenges and respond befittingly. But more importantly, the first year of GST has been an example to the world of the readiness of the Indian taxpayer to be a partner in this unprecedented reform of Indian taxation. Accordingly, it was decided by CBIC that the 1st of July, 2018 shall be commemorated as GST Day . Before implementation of Goods and Service Tax (GST), Indian taxation system was a mix of central, state and local area levies. In the constitutional scheme, taxation power on goods was with Central Government but it was limited up to th
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ore to ₹ 91.38 lakh crore in GST regime. GST has improved tax revenue as well as tax compliance. Not only this, GST has been helpful in increasing income tax returns and direct tax revenue as well. Collection of GST revenue w.e.f 01.07.2017-30.06.2018 Tax for the Month Revenue (crores) July, 2017 ₹ 93,590/- August, 2017 ₹ 93,029/- September, 2017 ₹ 95,132/- October, 2017 ₹ 85,931/- November, 2017 ₹ 83,716/- December,2017 ₹ 88,929/- January,2018 ₹ 88,047/- Febuary,2018 ₹ 89,264/- March, 2018 Rs.1,03,000/- April, 2018 ₹ 94,016/- May, 2018 ₹ 95,610/- June, 2018 Collection figures NA as not due Journey in numbers so far Number of Taxes (CGST/IGST/SGST/UTGST) 4 Number of cess 1 New registration approved 47,94,828 Number of migrated taxpayers 63,76,767 Number of notifications issued 334 Number of circulars issued 53 Number of press release issued 170 Number of GST Council meeting 27 Number of returns filed till date 12 crores
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l continue to be simplified, rationalized and improved upon. After one year now, simplification of GST returns is being worked out and it is hoped that by this year end, we may have simplified as well as single GST return forms. Also, Government is expected to make change in the GST law which are essential for tax payer s facilitation. High tax on items which do not yield much revenue may be lowered. Presently more of tax is coming from handful of items and bulk of items yield a lower tax revenue. GST slab rates can also come down to three (presently four – 5, 12, 18 and 28 percent). GST Council meeting is expected to meet for 28th time in last one year on 21 July, 2018. While it is expected that GST procedures and implementation concerns are going to be simplified in next one year in the wake up of general elections in few states and Lok Sabha election in May, 2019, GST Council may dwell upon reduction of rates on few items from 28% to 18% and 18% to 12%, reduction in number of tax ra
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