NEW DELHI: The tax on goods and services (GST) in November increased to Rs 80,808 crore, the lowest since the introduction of the new rules in July after the second half of the monthly rates have been reduced during More than 200 items.
While the number of registered taxpayers exceeded the mark of 99 lakh, compared to about 80 lakh before GST, the collections will ask the government to review their tax mathematics, as tax experts predict the downward trend, which led the government to go slow further rationalization,”The downward trend in GST makes the collection of taxes in December, which is a cause for concern, although the reasons for half of the cuts in the rates expected in November to apply, the expansion of the base tax and the Buoyancy due Rate cuts, ideally, would have a review of When the Sun continues, the government could in the further streamlining of the GST rate hesitate, “said Abhishek Jain, tax partner of the firm firm EY India.
While the prices of several staples were estimated at the top of 28% were compared, the Center and the states had estimated an annual return of Rs 20,000 crore. But it is the center that has to pay the bill, since it has been committed to compensating the states for the loss of income for five years, and has taken an annual increase of 14% in the collections.
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However, there is a fear that the government may slow down reimbursements as the trend declines. “The number on the right will be reflected in the last quarter of 2017-18 or maybe in the first quarter of the next fiscal year. The reduction is expected and the government has carried out these calculations.
There is hope that compliance will continue to improve so that revenues return to normal. It should be noted that the reimbursements have not been processed to a large extent. The government should consider this number before the forecast. It is expected that the process will not slow down and the decline of the collection “An Abhishek Rastogi, said partner of Khaitan & Co.
In a statement, the government proposed that revenues could go so far there were 53 lakh returns and more than 16.6 lakh taxpayers are under the composition scheme.