India’s new simplified return forms for goods and services tax (GST) will be rolled out from April 1 next year, Revenue Secretary Ajay Bhushan Pandey recently said. Confident about achieving the budgeted target for GST collection, he said the refund process is being further streamlined to make it completely online and friendly for taxpayers.
Pandey was speaking to reporters on the sidelines of the Directorate of Revenue Intelligence (DRI) foundation day. In the first eight months (April-November) of the current fiscal, the government has collected over Rs. 7.76 lakh cr as GST. The 2018-19 Budget had estimated annual GST collection at Rs. 13.48 lakh cr, which means a monthly target of Rs. 1.12 lakh cr.
The revenue department, whose monthly target from GST is around Rs. 1 lakh cr, was short by Rs. 4,000 cr in GST collection in November. GST collection in November was Rs. 97,637 cr. The department wants to raise that monthly target to Rs. 1.10 lakh cr, Pandey said.