GST @ 18 MONTHS
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
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 a
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gainst the tax offices and even 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
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egister return filers 87.30 lakh
Assessees 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
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