Govt yet to achieve monthly revenue target under GST

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Goods and Services Tax (GST) has completed about 18 months, but still government has not been able to achieve monthly revenue target, which is a matter of concern, GST experts said on Monday. National Academy of Customs, Indirect Taxes and Narcotics (NACIN) deputy director Mahesh Yadav said, “GST has completed 18 months, but, still the Centre is not able to generate the monthly revenue of Rs 1 lakh crore.” Yadav said, the enforcement agencies have been directed to pull up socks to trace dealers and companies evading taxes and keep eye on fraudulent transactions.

A state-level GST workshop was conducted by Commercial Tax Practitioner Association, MP Tax Law Bar Association and NACIN on Monday. Tax experts shared their views on the issues and challenges faced by dealers across the state in GST. There are close to 4 lakh dealers under GST in Madhya Pradesh as against 2,90,457 under the old VAT regime. On issues related to GSTR3B, members of the tax associations have demanded a clarification on considering it as the final return. Experts said, the purpose of GSTR 9, which is the annual return, is failing the purpose because rectification is not allowed once the return is filed.

Experts shared some of the key recommendations of 31st GST council meeting that included extension of the last date for annual return and GST audit to June 30, 2019. Amendments to GST notified on August 30, shall be applicable from February 1. GST council has also recommended the formation of a central advance ruling authority to look in to the decisions of the advance learning authorities of all the states. MP Tax Law Bar Association president advocate AK Lakhotia said, “We have demanded to extend the date for submitting pending 1.60 lakh cases under 2016/17 deemed assessment.” Experts expected the date to get extended until June 2019.

Read more at:https://timesofindia.indiatimes.com/city/indore/govt-yet-to-achieve-monthly-revenue-target-under-gst/articleshow/67237517.cms