Govt is targeting to mop up Rs 11.16 lakh crore as indirect tax collection in Apr-Nov

New Delhi, Jan 5 (KNN) The government is targeting to mop up Rs 11.16 lakh crore as indirect tax collection from levy of Central and Integrated GST and compensation cess in 2018-19, according to a release by Ministry of Finance.

The total net indirect tax collection (inclusive of CGST, IGST and GST-Compensation Cess) in the current financial year during April-November, 2018-19 is Rs. 6,12,653.47 crore .

Release stated, “The revenue target is set for the full financial year, the actual indirect tax collection for 2018-19 will be known after completion of the current financial year. The Budget Estimate(BE) for indirect taxes revenue (inclusive of CGST, IGST and GST-Compensation Cess) for FY 2018-19 has been fixed at Rs. 11,16,000 crore.”

Minister of State for Finance, Shiv Pratap Shukla, stated Shiv Pratap Shukla that various  administrative steps have been taken by the Government to achieve the set target for this financial year like; GST rate rationalization to improve the tax compliance, mandatory e-filing and e-payment of taxes, penalty for delayed payment, extensive use of third party sources such as State VAT Department, Income Tax etc. for compliance verification, regular enforcement & compliance verification of tax returns, taxpayer education and media campaign etc.