Govt revises GST collection target by Rs 10,000 cr
New Delhi, Jan 18 (KNN) The Government on Friday increased the Goods and Services Tax (GST) collection targets for January and February by Rs 10,000 crore.
Reportedly, it was decided to revise revenue collection aim for GST to Rs 1.15-lakh crore for each of next two months (January and February) and Rs 1.25-lakh crore for the last month of this financial year in a high-level meeting of senior officials of the Central Board of Indirect Taxes and Customs (CBIC) and Central Board of Direct Taxes (CBDT).
The fiscal deficit has already exceeded budget estimate of over Rs 7 lakh-crore and with lower than expected revenue from tax as well as from disinvestment, the deficit is expected to widen further and it might be revised by at least 20 basis points (100 basis points are 1 percentage point) for the current fiscal year to 3.5 per cent of GDP.
Last month, the government had revised the targets for January and February to Rs 1.10-lakh crore each.
Further, the GST Department has been instructed to aggressively use the data analytics features of the GSTN system. The department plans to intensify its collection efforts in the next 2-3 months, using advanced tracking measures to track GST evaders. Most of the information is available with the authorities at the click of a button.