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GST collection for the 6th month of the year reconciled at Rs 96,483 crore

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The GST collection for the 6th month of the year reconciled at Rs 96,483 crore. The Goods and services tax collected by the Govt in the June month was Rs 96,483 crore.

As per reports released by the Ministry of Finance, Rs 95,610 crore tax was collected in the month of  May, Rs 94,016 crore revenue was received for April and Rs 1.03 lakh crore tax for March.

According to a press release issued by the Ministry of Finance, yielding improved during the third month after the launch of e-way bills.  GSTR-3B returns on July 31 was filed as 66 lakh, compared with 64.69 lakh for May as on June 30. The closing day for paying tax and filing the GSTR-3B returns is the 20th day of the succeeding month. Data is released with a lag.

Goods and Services Tax  Act was passed on 29th March 2017 and it got activated from 1st July 2017. The GST is a multi-stage, comprehensive and destination-based tax that is imposed over every value addition. GST had dislodged every indirect tax imposed on goods and services.

GST is one direct tax for entire country dismissing all other small taxes.

Two businessmen have been arrested by GST officers for dodging Rs 201 crore taxes. They issued fake invoices of Input Tax Credit (ITC) without any stockpile of goods.

The Finance Ministry stated that the Rohini-based businessmen who evaded tax of Rs 201 crore, were the owner of plastic granule industry.

The evidence and the incriminating documents that were collected during the investigation accuses them of being allegedly involved in tag dodging activity. The investigation even unveiled that they had been using multiple activities for imitating invoices.

The tax-evading culture has been present for many years. Many businessmen had used various methods to escape themselves from the paying tax.

The strict norms and laws have been made to trap such convicts. Tax is used by govt for the development of the country.

 

 

 

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