GST Government set up a target of the monthly collection to 2 lakh crore
To increase the country’s economy Indian government open a treasury and start investing in the sector of development and industry. After that GST government also set up an aim to collect a minimum amount of Rs 2 lakh crore. If we look towards the highest record collection then it is 1.2 lakh crore in January 2021 (this year). The Central Board of Indirect Taxes and Customs (CBIC) is in the action and making various plans to reach the aim of this type of work is going on in various steps and various levels.
According to the resources the Central Board of Indirect Taxes and Customs (CBIC) currently working on the business-to-business (B2B) GST collection. This is the new strategy that is going to be implemented soon. According to stats if we talk about GST collection on the behalf of B2B then is only 10 percent out of 80 percent of GST Collection. This plan can only workout when the small business starts using online payment mode for their basic workflow purpose. There are serval rules that also been announced in the budget of 2021. These new rules are going to implement from April of this year. According to CBIC sources, exports with tax are also being eliminated. In the export and import business exporters will get their GST return from the custom department. In the future exporters will now only fill one GST form for tax and that form will only help to verify it. With the help of this form, the customs department will not provide the face with any kind of middle disturbance and a little bit of burden also released.
Matters are being dealt with by looking at the online price
The Central Board of Indirect Taxes and Customs (CBIC) is going through a vast campaign to prevent GST evasion. Officials of CBIC are disposing of cases on the spot without getting hold of goods without bills. In this work, they are taking the help of online platforms. Recently, authorities caught a cosmetics company with unbilled goods. The officials went to an e-commerce website to assess the price of the goods and looked at the prices and after assessing the value of the entire goods, the company paid a fine.