GST collection falls short of budget estimate by 40%

GST, Revenue, 1 Lakh, 2019, Finance Ministry, Govt of India, News Mobile, News Mobile India
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The Central GST collection fell short of the budget estimate by nearly 40% during the April-November period of 2019-20, according to the provisional data presented in Parliament on Monday.

The actual CGST collection during April-November stood at Rs 3,28,365 crore while the budgeted estimate is of Rs 5,26,000 crore for these months, Minister of State for Finance Anurag Singh Thakur said in a written reply in Lok Sabha.

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The actual CGST collection stood at Rs 4,57,534 crore in 2018-19, as against the estimate of Rs 6,03,900 crore for the year, he said.

The CGST collection was Rs 2,03,261 crore in 2017-18.

A total of Rs 19,395.26 crore were recovered in 2018-19 and recovery of Rs 757.81 crore in 2017-18.

For strengthening monitoring tools to prevent GST evasion, the emphasis has been laid on system based analytical tools and system-generated intelligence, Thakur said.

“In this connection, the Directorate General of Analytics and Risk Management(DGARM) has been set up by the CBIC. Further, E- way bill squads have been activated for the purposes of random verification of the goods in transit,” he said.

The minister also informed about the new CGST rule which puts restriction that the input tax credit (ITC) availed by a taxpayer shall not exceed 20% of the eligible credit available in respect of invoices or debit notes.

The capping of input tax credit would lead to reduction in cases of fraudulent ITC availment as well as increase in payment of tax through cash thereby boosting GST collection, Thakur said.

(With Agency Inputs)

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