Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 3-1-2019 – As we enter into 2019, we have surpassed 18 months of GST Raj in India since July 1, 2017 and soon be finishing up with first full financial year of 2018-19 under GST regime. This is no time to admire or criticize GST but to address the implementation issues including the technical glitches it is confronted with. As the data would reveal, the high-empowered Council, GST Council, which takes decisions under GST regime has had 31 meetings so far including 7 in 2018 itself, more than the average board meetings, an Indian company generally holds in a year. The 32nd meeting is scheduled for 10th January, 2019. The implementation of GST all along has been facing trouble
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en imposed fines on officers. 2019 being an election year, we can expect some taxpayer friendly decisions and roll-backs in rates as well as simplification of procedures. New return filing mechanism is on the cards. The tax rates are now being rationalized and lowered. A higher threshold limit is being thought of in place of ₹ 20 lakh. It could go up to ₹ 75 lakh which may be a real relief as the present threshold limit is based on aggregate turnover which is wide enough to cover even exempt and non-taxable supplies. This in many cases causes hardship and real beneficiaries for whom it is meant are not able to avail this exemptions. Thanks to the forthcoming elections. It is highly possible that GST Council and Government will t
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es with turnover below ₹ 70 lakh 63.50 lakh Average GST collection (2017-18) ₹ 89885 crore GST Collection (in Rs. crore) 1,03,459 94,016 95,610 96,483 93,960 94,442 1,00,710 97,637 94,726 96,782 89,885 April May June July Aug. Sep. Oct. Nov. Dec. Avg. of 2018-19 Avg. of 2017-18 2018 (Source: Business Line dated 02.01.2019) So far, in two months only, i.e., in April 2018 and October 2018, GST collection has crossed ₹ 1 lakh crore. The total gross GST revenue collected in December is ₹ 94,726 crore. This comprises CGST (Central Goods and Services Tax) amounting to ₹ 16,442 crore while collection from SGST (State GST) was ₹ 22,459 crore and from IGST (Integrated GST) was ₹ 47,936 crore (including ͅ
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