GST & Income –Tax Collection During 2017-18 Is On Upswing

COLLECTION under the Goods and Services Tax (GST) and Income- Tax has increased during the just ended 2017-18 Financial Year disappointing the critics who accuse the government of mismanaging India’s national economy.GST collection increased by INR 1,217 crore in February to INR 89,264 crore as per the month-end figures, says Finance Secretary Hasmukh Adhia in New Delhi on Monday. The Income –Tax collection during the same FY has exceeded the budget target at INR 9.95 lakh core due to addition of ten million news assesses that have filled income-tax returns. The Budget estimates for the fiscal was INR 9.80 crore. However, the ambitious target for mopping up INR 10.05 crore during 2018 FY as per the revised estimates could not be achieved, says Chairman of Central Board of Direct Taxes Sushil Chandra .Union Finance Ministry has released initial figures of the GST collection for February which showed a decline in revenue by Rs 1,144 crore compared to January. The data then showed that February collection was Rs 85,174 crore. Adhia said the figures are usually released between the 24th and 26th of every month, but the end-month figures end up a few thousand crore rupees higher than the initial figures.”GST collection for February collected in March is estimated at Rs 89,264 crore showing an upswing in revenue collection trends. We are committed to reaching the Rs 90,000 crore target, said Adhia.The GST collection for January stood at Rs 88,047 crore. In December, it was Rs 88,929 crore. Adhia attributed the upswing in collections to increased compliance and the end of the financial year when people like to clear their dues.”GST collections will pick up further as compliance requirements are enforced like the rollout of the e-way bill from April 1 .He was frank enough to admit that the year under review was indeed a year of uncertainty in terms of revenue. However, the government managed to achieve both direct and indirect tax targets” for the fiscal.” the first group of states from April 15 after which another group of states will be added each week,” he said.GSTN chairman A.B. Pandey said while 2.59 lakh e-way bills were generated on Sunday, over 2.89 lakh bills were generated till 4 p.m. on Monday.”This means that around 60,000 e-way bills are being generated every hour. We expect this number to rise further. We are prepared for even higher traffic.”He said while over 11 lakh dealers had registered for the e-way system, over 20,000 transporters had also registered.

CBDT Chairman Sushil Chandra said the growth rate for net collection from corporate income tax is 17.1 per cent and the personal income tax is estimated at 18.9 per cent. The Government claims that re-launch of the E-Way bill under GST regime will reduce corruption and enhance state’s revenue. Under the system all inter-state transporters are mandated to carry an electronic way bills. Anyway, the concerned authorities are fast overcoming all teething troubles while implementing GST. (pic courtesy PIB)