GST @ 18 MONTHS
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 3-1-2019<\/p>\n
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.
\nThis 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.
\nThe implementation of GST all a<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n gainst the tax offices and even imposed fines on officers. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n egister return filers 87.30 lakh = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" GST @ 18 MONTHSBy: – Dr. Sanjiv Agarwal Goods and Services Tax – GSTDated:- 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 … Continue reading “GST @ 18 MONTHS”<\/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-15902","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/15902","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=15902"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/15902\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\n2019 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.
\nIt is highly possible that <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nAssessees with turnover below ₹ 70 lakh 63.50 lakh
\nAverage GST collection (2017-18) ₹ 89885 crore
\nGST Collection (in Rs. crore)
\n1,03,459
\n94,016
\n95,610
\n96,483
\n93,960
\n94,442
\n1,00,710
\n97,637
\n94,726
\n96,782
\n89,885
\nApril
\nMay
\nJune
\nJuly
\nAug.
\nSep.
\nOct.
\nNov.
\nDec.
\nAvg. of
\n2018-19
\nAvg. of 2017-18
\n2018
\n(Source: Business Line dated 02.01.2019)
\nSo 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n