Revenues from GST could cross Rs 1 trillion a month post anti-evasion steps

Revenues from the Goods and Services Tax could cross Rs 1 trillion a month towards the end of next financial year once anti-evasion measures like matching of tax data and e-way bill are put in place, finance ministry officials said on Tuesday. Once the GST return filing process stabilises completely, the Directorate General of Analytics and Risk Management (DGARM) will be put to action for 360 degree profiling and match the database of people filing GST with Income Tax returns filed, they said.

The government has budgeted about Rs 7.44 trillion from GST in the 2018-19 financial year beginning April 1. The estimated collection for 8 months (July-February) of the current financial year is Rs 4.44 trillion. The March collection will take place in April, the start of new financial year, 2018-19. Officials said the revenue estimates for next fiscal are conservative and could go up depending on enforcement actions taken by the government.

Collections under the GST, implemented from July 1 last year, were over Rs 950 billion for the first month, while in August the figure just over Rs 910 billion. In September, it was over Rs 921.50 billion, October (Rs 830 billion), November (Rs 808.08 billion) and December (Rs 867.03 billion). As of December 2017, 9.8 million businesses were registered under the GST regime. "We will soon start matching of the turnover shown in GST returns with th...

More on business-standard.com