Just 16 percent of GST returns filed for July to December match final returns

Must Read

Sanju Samson to replace Shikhar Dhawan in T20 series against WI

Sanju Samson will replace injured Indian opener Shikhar Dhawan in the T20s series against West Indies starting from next...

Supreme Court lashes out on Centre & Delhi govts for Rising Pollution

The Apex Court of the Country, the Supreme Court on Monday lashed the Central and State Government for their...

Harbhajan Singh wishes BCCI Prez Sourav Ganguly to change Selection Panel

The Indian off-spinner Harbhajan Singh on Monday urged Sourav Ganguly, President of BCCI (The Board of Control for Cricket...

The revenue department is seeing a huge gap after realizing that only 16 percent of the summary sales returns under the GST are matching the final returns thereby leading to a possible tax evasion. Between July and December, 34 percent of the businesses had paid Rs. 34,400 Crore less tax while filing the initial GST returns as per the GST returns data. Rs. 8.16 Lakh Crore has been paid by the businesses making up 34 percent to the exchequer by filing the GSTR-3B whereas the GSTR-1 data shows that the tax liability should have been Rs. 8.50 Lakh Crore instead.

The analysis done by the revenue department clearly shows that the initial returns which were filed and the taxed paid by 16.36 percent of the businesses have matched their tax liability and final returns. The total tax paid is of Rs. 22,014 Crore. The data also showed that an excess tax payment of Rs. 91,072 Crore has been made by 49.36 percent of the businesses which were registered under GST in the period from July to December. The Goods and Services Tax returns data which was filed by over 51.96 Lakh businesses from July to December has been analysed by the revenue department.

The GST Council which is headed by Arun Jaitley who is the finance minister comprises of state counterparts and had come to a conclusion on 10th March to analyse the data gaps further between the self-declared liability in GSTR-1 and the taxes which are paid in actual after filing GSTR-3B. According to the finance ministry, the GST mop up was Rs. 93,590 Crore in July followed by Rs. 93,029 Crore in August, Rs. 95,132 Crore in September and lastly Rs. 85,931 Crore in October. The collections in November were Rs. 83,716 Crore, in December were Rs. 88,829 Crore and in January were Rs. 88,047 Crore.

- Advertisement -

Latest News

Amit Shah to table Citizenship bill in Lok Sabha tomorrow

Union Home Minister Amit Shah will table the Citizenship (Amendment) Bill in the Lok Sabha on Monday. The bill...

Delhi fire tragedy: How it all started

More than 140 illegal factories were operational in the narrow lane of Anaj Mandi of Karta Gauri Shankar. The fire started from the 600sq...

Offline discovery and rewards space Magicpin passes annual gross merchandise value of $1 billion

Magicpin, an offline discovery and rewards platform, has surpassed annual gross merchandise value (GMV) of $1 billion (approx INR 7,129 crore) in the country,...

Delhi fire tragedy: PM, Delhi CM and Bihar CM announce ex-gratia

Prime Minister Narendra Modi has announced an ex-gratia of Rs. 2 lakhs each from Prime Minister's National Relief Fund (PMNRF) for family of those...

Unnao victim’s kin: ‘No cremation, until CM Yogi visits us’

The Unnao rape victim's family has refused to cremate her body until Chief Minister of Uttar Pradesh, Yogi Adityanath visits them and assures strict...
- Advertisement -

More Articles Like This