GST collections for March reduced sharply

cheap canada goose canada goose In 2020, 10 Circulars, one order, and one instruction were issued. In total, 127 circulars, 21 orders, one instruction, and 11 corrigenda were issued.»The subdued revenue collection remained a concern area for the Government, though the significant increase in compliance levels (demonstrated by almost 10 lakh increase in monthly return filing on an average) and the wealth of data available should provide some hope for increased collections, once the current crisis subsides,» saidPratik Jain, partner and leader, indirect tax, PwC India.Though the structural complexities with regard to technology and multiple tax rates have added to its pain points, the pandemic right in the middle of an already slowing economy, has added the newest challenge. With the nature of business and life undergoing a change, the fourth year of GST would beabout strengthening the IT infrastructure, rationalising multiple GST slabs and rates, easing the compliance burden, and reworking the compensation mechanism for states.GST collections for March reduced sharply, as the central government’s GST collection dropped 87 percent year on year (YoY).

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