Third highest GST collection, Remove GST on milk, Lottery Scheme For GST Paying Customers, GST e-invoicing trial from January 2020, AI tools to curb GST evasions: GST News In A Minute
- Dec 6, 2019 | Divita S Gupta
AI tools to curb tax evasion; the third highest collection of GST since 2017 and a lottery scheme for GST customers - these updates and more on #GSTThisWeek.
November GST collection third highest since the introduction of GST
In a report by the Finance Ministry, the gross GST revenue collected in November, 2019, was Rs 1,03,492 crore, of which CGST (Central Goods & Services Tax) was Rs 19,592 crore, SGST (State Goods & Services Tax) Rs 27,144 crore, IGST (Integrated Goods & Services Tax) Rs 49,028 crore (including Rs 20,948 crore collected on imports) and Cess Rs 7,727 crore (including Rs 869 crore collected on imports). This amount is the third highest monthly collection of GST since it was introduced in 2017. However, the Government has reported that the Central GST collection is currently at ₹3.26 lakh crore. This amount is around half of the government’s target for 2019-20.
Remove GST on milk, says FSSAI
After rising concerns on unhygienic packaging and adulteration, food regulator FSSAI plans to demand the removal of 5% GST on packaged milk and milk products. The removal of GST is likely to encourage better safety packaging processes among dairy vendors.
Government Plans Lottery Scheme For GST Paying Customers
In a bid to improve compliance and check on tax leakage, the Government is planning to introduce a lottery scheme to encourage GST payments. There will be a daily and a monthly lottery for customers who take a copy of the bill after paying GST on B2C transactions.
Government sets timeline for GST e-invoicing, trial to start January 1, 2020
The Government has announced that businesses having a turnover of Rs.500 crore or more will need to take up e-invoicing on voluntary and trail basis starting January 1, 2020. Additionally, businesses with a turnover of Rs.100 crore or more can start e-invoicing on voluntary and trial basis from February 1, 2020.
Government will deploy AI tools to find GST evasions.
Inspired by AI technology tools around the world, the Government plans to introduce AI Tools to detect tax evasions. This tool will be able to identify bogus firms made up by tax evaders - for starters it will scrutinise a vast dataset of VAT (Value Added Tax) returns which were registered in Delhi between 2012-17.
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