Tax revenue estimate pulled down: Read to know more

Shortcomings in GST revenue has mandate government to revise its gross tax revenue target and revise its current financial state. The government has changed its GST target, and a significant gap of ₹1 lakh crore was visible. Improvement in January in Goods and Service Tax collection is seen, and the loss is needles to be considered as the government is confident about achieving the present as well as upcoming year’s target.

In 2019-20 Financial Year, the government has aimed to collect a direct and indirect tax of ₹13.8 Lakh crore and ₹11.7 lakh crore respectively as a target. The IANS study claims that government might miss GST collection target that was set in the budget estimate as ₹1.5 lakh crore as per collection trends up till December.

Pranab Kumar Das, CBIC Chairman, remarked & quot; The very first month after assuming charge on January 1, I have already achieved the target of Rs 1 lakh crore that I promised before taking over… I have shown this is possible and with compliance going up, and some taxpayers going up, it is not difficult for us to get this revenue”. He also added that transparency is an answer to improve compliance. Some people intend to take advantage of the compliance level as it benefits them and it has now become a part of the supply chain.