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05-Dec2017

Finance Secretary calls meeting of Centre and States officials to increase GST revenue

Finance Secretary Hasmukh Adhia has called a meeting of tax officials from the Centre and States on December 9, to assess the trend in revenue collections from the Goods and Services Tax (GST) and review measures to further boost compliance. The officials will also discuss measures to arrest revenue leakages and increase collections under the new indirect tax regime.

The meeting has been called in light of the recent dip in revenues from goods and services tax (GST) that slipped to Rs 83,346 crore for October - the lowest since the July 1 rollout of the indirect tax. The centre's share in GST between August and October amounted to Rs 58,556 crore, while State GST was Rs 87,238 crore for the period. The government will gauge the trend in revenue receipts and look at ways to increase tax collections and compliance levels.

With just two months remaining for the presentation of the Union Budget for 2018-19, the government will also factor in estimates on indirect tax receipts for the budget and it is being said that the finance ministry is considering tabulating revenues from GST under the head of total indirect tax revenue, instead of giving a detailed breakup. The issue is significant given that the Centre's finances are under pressure as it tries to meet the fiscal deficit target of 3.2 per cent in 2017-18.

The finance ministry, had earlier said the decline in GST revenue in October is mainly on account of utilisation of already-collected Integrated GST (IGST) as credit against Central GST (CGST) and State GST (SGST), along with a lower tax incidence on items in the GST regime.


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