GST in a half-moon, tax collection encouraging, signs of economic revival

Finance Secretary Ajay Bhushan Pandey said on Thursday tax collection within the half-moon of the present fiscal year is sort of encouraging and a symbol that revival is happening at a rapid pace, contrary to the estimate of the timing of ‘lockdown’ within the economy. Pandey, who also holds the responsibility of Revenue Secretary, said that the Department of Revenue wants to implement self-compliance among taxpayers by providing data of all financial transactions through Form 26AS while filing tax returns.

He said that about 70 percent of the products and Services Tax (GST) of Rs 91 thousand crores deposited in June is said to the transactions in May. “For June, consistent with current trends, we’ve certain indications on what percentage people have paid thus far, also because the e-way bill of these things are encouraging signs that the economy is returning soon compared to what was anticipated after the lockdown started in March. “Also, through advance tax and TDS, tax.

The gathering within the April-June quarter was about 80 percent of an equivalent period of the previous year. Pandey said, “These two figures” GST and tax “are encouraging and provides us with some hope that companies are beginning wherever possible. But there are some sectors, like hotels, education, tourism, which face difficulties.

”The government notified the revised Form 26AS in May, including high-value financial transactions of taxpayers like cash deposits or withdrawals, a there’ll be additional information like the purchase of property during the fiscal year. This ensures voluntary compliance and makes e-filing of IT returns easy. Pandey said that if one sees all his transactions in one place, it makes return filing very easy and helps honest taxpayers.

It also gives a message to those individuals who are on the edge of violating compliance and also tries to bring them to the proper side of the law. He said, “What we would like to market is voluntary compliance instead of sending a notice to someone.” Regarding digital lending by banks, Pandey said that if the tax applicant details of the loan applicant to the banks If made available, it’ll make it easier for lenders to assess what proportion loan are often given. They said, “We have all this information, this information is often shared during a secure way We’re performing on it. We had meetings with various parties concerned, and that we received many suggestions.

We are performing on these. ”Pandey also said that if the assets increases, then a further reduction in GACT rates are often done. He said that the govt is additionally working towards reducing the number of forms under GST. Pandey said that before GST, there have been 495 forms for 17 different taxes.

But after the implementation of GST, the number of forms reduced to 17-18. “We want to scale back it further and that we got many suggestions. We are performing on these. ”Pandey also said that if the assets increases, then a further reduction in GACT rates are often done. He said that the govt is additionally working towards reducing the number of forms under GST. Pandey said that before GST, there have been 495 forms for 17 different taxes.

But after the implementation of GST, the number of forms reduced to 17-18. “We want to scale back it further.” and that we got many suggestions. We are performing on these. ”Pandey also said that if the assets increases, then a further reduction in GACT rates are often done. He said that the govt is additionally working towards reducing the number of forms under GST. Pandey said that before GST, there have been 495 forms for 17 different taxes. But after the implementation of GST, the number of forms reduced to 17-18. “We want to scale back it further.”