GST @ ONE YEAR
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 4-7-2018<\/p>\n
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”.
\nBefore 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 <\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n e up from ₹ 81 lakh crore 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ve as a efficient tax system in future. In the give set of Circumstances, GST will continue to be simplified, rationalized and improved upon. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" GST @ ONE YEARBy: – Dr. Sanjiv Agarwal Goods and Services Tax – GSTDated:- 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 … Continue reading “GST @ ONE YEAR”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-12471","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/12471","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12471"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/12471\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nCollection of GST revenue w.e.f 01.07.2017-30.06.2018
\nTax for the Month
\nRevenue (crores)
\nJuly, 2017
\n₹ 93,590\/-
\nAugust, 2017
\n₹ 93,029\/-
\nSeptember, 2017
\n₹ 95,132\/-
\nOctober, 2017
\n₹ 85,931\/-
\nNovember, 2017
\n₹ 83,716\/-
\nDecember,2017
\n₹ 88,929\/-
\nJanuary,2018
\n₹ 88,047\/-
\nFebuary,2018
\n₹ 89,264\/-
\nMarch, 2018
\nRs.1,03,000\/-
\nApril, 2018
\n₹ 94,016\/-
\nMay, 2018
\n₹ 95,610\/-
\nJune, 2018
\nCollection figures NA as not due
\nJourney in numbers so far
\nNumber of Taxes (CGST\/IGST\/SGST\/UTGST)
\n4
\nNumber of cess
\n1
\nNew registration approved
\n47,94,828
\nNumber of migrated taxpayers
\n63,76,767
\nNumber of notifications issued
\n334
\nNumber of circulars issued
\n53
\nNumber of press release issued
\n170
\nNumber<\/p>\n
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\nAfter 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.
\nHigh 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).
\nGST 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<\/p>\n
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