GST mop-up for May likely to fall short of Rs 1 lakh crore

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GST collection for May is expected to be less than Rs 1 lakh crore, a senior official told Moneycontrol on condition of anonymity. GST revenue mop-up for April stood at Rs 1.13 lakh crore, the highest since its rollout. Typically, GST collection is lower at the beginning of a new financial year. April GST mop-up was higher due to year-end payments. For 2019-20, the government is looking to collect Rs 7.61 lakh crore from GST. GST collections, since its inception, have largely remained below the monthly average of Rs 1 lakh crore.

A major reason behind this can be attributed to several rate changes and procedural complications that the GST Council has tried to address over the past one and a half years. Though teething implementation troubles have mostly been taken care of, the government is still looking to attain stability by removing multiple rate changes, procedural irritants, complex tax-filing system and a five-tier rate structure.

Read More at: https://www.moneycontrol.com/news/business/economy/gst-mop-up-for-may-likely-to-fall-short-of-rs-1-lakh-crore-4043461.html

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