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04
January 2019
 |
indirect tax (The Total Investment & Insurance Solutions)
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, Parliament was informed Friday.
During April-November of the ongoing fiscal,
the total net indirect tax collection (inclusive of CGST, IGST and
GST-Compensation Cess) is Rs 6,12,653.47 crore, Minister of State for Finance
Shiv Pratap Shukla said in a written reply in the Lok Sabha. "The Budget
Estimate (BE) for indirect taxes revenue (inclusive of CGST, IGST and
GSTCompensation Cess) for 2018-19 has been fixed at Rs 11.16 lakh crore,"
Shukla said.
The revenue target is set for the full
financial year, the actual indirect tax collection for 2018-19 will be known
after the end of the fiscal, he added. The minister said various administrative
steps have been taken by the government to achieve the target for this
financial year.
These include GST rate rationalisation 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, he added. The Total Investment & Insurance
Solutions
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