Even as GST collection remains relatively subdued, the numbers may pick up in the coming days, NK Singh, Chairman of the 15th Finance Commission told CNBC TV-18. Adding, he said that the rationalisation and continuity of rates and GST collection are expected to rise significantly going ahead. However, NK Singh also said that too many changes to the GST structure could be avoided as these increase the cost of compliance.
The goods and services tax (GST) collection crossed the Rs 1 lakh crore-mark for the third month in a row in January on the back of anti-evasion steps taken by tax officers. It was the second time since the introduction of GST in July 2017 that the monthly revenues have crossed Rs 1.1 lakh crore. The GST collection is in line with the target set by Revenue Secretary Ajay Bhushan Pandey after a high-level meeting with senior tax officials earlier this month.
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Even though states are meeting their targets under FRBM, the 14 percent compensation that was guaranteed to the states brought some complacency in revenue collection, NK Singh added. The GST collection stood at Rs 1.02 lakh crore in January 2019, as per the official statement. Meanwhile, the total number of GSTR 3B returns filed for the month of December up to January 31, 2020 was 83 lakh. The government has settled Rs 24,730 crore to Central Goods and Services Tax (CGST) and Rs 18,199 crore to State Goods and Services Tax (SGST) from IGST as regular settlement. The total revenue earned by the centre and state governments after regular settlement in January 2020 is Rs 45,674 crore for CGST and Rs 46,433 crore for SGST.
Source: Financial Express
