Government collects Rs 96,483 crore GST for July

The GST collection for the month of July touched Rs 96,483 crore, slightly higher than Rs 95,610 crore collected for the month of June.GST collection for the month of July is higher than the average collection of Rs 89,885 crore for the last fiscal (from July till March, 2017).On the first anniversary of the indeirect tax reform, finance secretary Hasmukh Adhia had said that Rs one lakh crore revenue is not a norm but the government hopes to bring it to Rs 1 lakh crore monthly. In its last meeting, the GST Council took a number of decisions including easing of return filing for traders. Those with a monthly turnover of up to Rs 5 crore will now have to file quarterly returns, though they will have to pay taxes monthly.Indian Inc has welcomed the move saying it will boost tax compliance. The Council also reduced the tax on a number of items including a significant reduction in levy on goods which came under the highest 28% tax slab.The introduction of inter-state and intra-state e-way bill has also raised the prospect of increase in tax compliance and higher revenue mop up.

from The Economic Times https://ift.tt/2LO6Tod