Latest Tax News & Updates

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Fiscal Deficit target looks closer on high GST mop-up

Goods And Services Tax - 03-Apr-2019

The goods and services tax (GST) and savings on expenditure may have saved the day for the government, taking it within kissing distance of the fiscal deficit target of 3.4% of GDP, offsetting shortfall in direct tax collections. GST collections touched their highest since the single levy was launched in July 2017, coming in at Rs 1.07 lakh crore in March, data released by the government on Monday showed. Annual GST collections are seen at Rs 11.77 lakh crore, ahead of the revised...

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A fair assessment of Goods and Services Tax

Goods And Services Tax - 03-Apr-2019

An assessment was made by Kapil Patidar & Arvind Subramanian in June 2018. This showed that in the first year of implementation of GST, revenues grew by 11.9% and the buoyancy was 1.20. A buoyancy ratio over 1shows progressiveness in the revenue growth and opens up the prospect of a rising tax-to-GDP ratio.  This is a significant improvement over the pre-GST period when the buoyancy ratios for state value added tax (VAT) and central indirect taxes like central excise and service...

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