New Delhi: Coming From the new reports can be said that The new simplified GST return forms will be released from 1 st April 2019, Revenue Secretary Ajay Bhushan Pandey confirmed the news on this Tuesday.
Budget 2018-19 had estimated annual GST collection at Rs 13.48 lakh crore, which means a monthly target of Rs 1.12 lakh crore.
In the first eight months (April-November) of the current fiscal, the government has squeezed out Rs 7.76 lakh crore from GST.
“We are counting less by Rs 4,000 crore by this month (November). To arrive at any conclusion we have to get hold of some more months’ data. But we are confident that we will be able to achieve our target. Our monthly target is around Rs 1 lakh crore. This we want to increase to Rs 1.10 lakh crore,” Pandey said. GST collection in November was Rs 97,637 crore.
The GST collections stood at Rs 1.03 lakh crore in April, Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July, Rs 93,960 crore in August, Rs 94,442 crore in September and Rs 1,00,710 crore in October
The total revenue earned by the central government and the state governments after regular settlement in November 2018 is Rs 35,073 crore for CGST and Rs 38,774 crore for SGST,
Speaking to reporters on the occasion of the Directorate of Revenue Intelligence (DRI) Foundation Day, the secretary said the refund process is being further updated to make it totally online and taxpayer friendly.
When asked about the release of the simplified return forms, Pandey said, “we are targeting from April 1”.
In July, the Central Board of Indirect Taxes and Customs (CBIC) had put up in public domain draft GST returns forms ‘Sahaj’ and ‘Sugam’ and sought public comments. These forms would replace GSTR-3B (summary sales return form) and GSTR-1 (final sales returns form).
Pandey further said the next meeting of the GST Council, chaired by Union Finance Minister and comprising state counterparts, will take place this month.
( reference PTI Reports)
