GST Collection dipped below the Rs one lakh crore mark in June for the first time this fiscal. The total GST mop up stood at Rs 99, 939 crore in June.

 

Gross GST collection stood at Rs 1,00,289 crore in May and Rs 1,13,865 crore in April.

 

Over the months GST had stabilised above the one lakh crore mark. The government needs over a lakh of crores in GST in order to meet its fiscal target and also to not compensate states for losses. 

 

In its last meeting, the GST Council announced a slew of reforms. 

 

"GST Council has much more work to do including simplification of GST Rules, rationalisation of GST rates & bringing more items in the ambit of GST among others". 

 

Briefing reporters after the 35th meeting of the Council, Revenue Secretary A B Pandey said the new GST return filing system would come into effect fully from January 1, 2020. 

 

The Council's meeting, chaired by Finance Minister Nirmala Sitharaman, also approved imposing a penalty of up to 10 per cent of the profiteered amount on entities for not passing on benefits of GST rate cuts to consumers.

 

Also, it extended the date for the filing of annual Goods and Services Tax (GST) returns for 2017-18 fiscal by two months till August 30, 2019.

 

Published On : 01-07-2019

 

Source : Economic Times