GST collection in the month of September has broken the record of 19- month low GST revenue collection. A widening slowdown in economy sharply dropped the Goods and Services Tax (GST) collections and recorded Rs 91,916 crore in September.
September was the second straight month of decline in the GST collections after August.
Considering the continuous slowdown in the GST revenue, the government on Thursday set up a high-level committee of officers to look into revenue shortfall.
The 12 member panel, formed by GST council will focus on looking at reasons behind the revenue shortfall being faced by the states after the implementation of the Goods and Services Tax (GST) and the measures to increase the revenue.
GST Council Secretariat notified that “The committee of officers from the centre and the states is required to suggest steps to be taken to improve revenue,”
The committee consisting five members from Centre and States each including Commissioners from state GST council of Maharashtra, Tamil Nadu, Uttar Pradesh, West Bengal, Punjab along with Joint Secretary & Executive VP of GST Council.
Further said that the panel will submit its first report within 15 days to the GST Council Secretariat on the following issues:
- Suggesting measures to boost GST collections, to make businesses comply with GST voluntarily, ways to better administrative coordination.
- The committee will look into issues such as systematic changes in GST to prevent misuse, measures for expansion of tax base, improved compliance monitoring and anti-evasion measures using better data analytics and better administrative coordination.
- It will also suggest measures to improve voluntary compliance, policy measures and relevant changes in the law.
GST Council stated “Any other states which would like to join the committee may volunteer by writing to the GST Council Secretariat,”