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GST revenues will go up in coming months, says Goyal

The mop up from Goods and Services Tax (GST) increased to Rs 96,483 crore in July from Rs 95,610 crore in the previous month, as a number of people filed returns.


PTI Last Updated at 01 Aug 2018, 22:08 IST India

Finance Minister Piyush Goyal today exuded confidence that GST revenues will go up in the coming months on improved compliance and market demand.

The mop up from Goods and Services Tax (GST) increased to Rs 96,483 crore in July from Rs 95,610 crore in the previous month, as a number of people filed returns.

Goyal said revenue collections are "within our target so far" and the festive season would help increase demand in the market going forward.

"So I think considering that we have the very good collection on GST and given the buoyancy in the market that we expect after the major changes that have been carried out, both compliances will improve in GST, market demand will increase and our own sense is that we will not have any revenue shortfalls.

"On the contrary, we are expecting to see revenue buoyancy and better revenues coming into days ahead," Goyal told reporters here.

Following GST rate cut on 88 items with effect from July 27, there have been apprehensions about some pressure on government revenues.

The items on which tax rates have been cut include washing machine, mixer grinder, fridge, as well as footwear up to Rs 1,000, paints and varnishes and sanitary napkins.

Also making compliance easy for small taxpayers, the GST Council has allowed businesses with the turnover of up to Rs 5 crore to file tax returns quarterly. Earlier this limit was fixed at Rs 1.5 crore.

GST, which has subsumed about 17 local taxes, was rolled out on July 1, 2017.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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