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Finance Ministry sets Rs 1.1 lakh crore monthly GST target till March 2020

In the meeting, it was clarified that corporate tax relief worth Rs 1.45 lakh crore will not be entertained as an excuse for downturn in direct tax revenue

twitter-logoBusinessToday.In | December 17, 2019 | Updated 16:47 IST
Finance Ministry sets Rs 1.1 lakh crore monthly GST target till March 2020
Finance Ministry has asked tax officials to meet revenue targets for both direct and indirect taxes

The Finance Ministry aims to bring in Rs 1.1 lakh crore as monthly GST collection for the next four months, sources said. The ministry wants one of these four months to have a GST mop-up of Rs 1.25 lakh crore. The target was laid down during a video conference between Revenue Secretary Ajay Bhushan Pandey and senior revenue department officials, including CBIC and CBDT board members, Principal Chief Commissioners and Chief Commissioners. The tax officials have been asked by the Finance Ministry to take concerted measures to increase revenue collections over the next four months without troubling or harassing taxpayers.

In the meeting, it was clarified that corporate tax relief worth Rs 1.45 lakh crore will not be entertained as an excuse for downturn in direct tax revenue. Tax officers have been asked to meet the direct tax revenue target of Rs 13.5 lakh crore, Finance Ministry sources said. Senior officials and other field machinery of the tax department have been asked to make regular field visits every week to check on the progress of tax collection measures.

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Meanwhile, GST officers have been asked to ensure that taxpayers file GSTR-1 and GSTR-3B returns. Failing to file these returns will lead to strict action against taxpayers, such as blocking of e-way bill, blocking of input tax credits and cancellation of registration, among others.

The ministry sources also mentioned that industry and traders have been advised to ask its suppliers to file their GST returns on time, including GSTR-1, failing which buyers may not able to get input tax credits on those supplies for which tax has not been paid by their suppliers. Also, the data from GST return information will be extended to the Income Tax Department so that the cases of any suppression of turnover and income tax can be detected and proper tax can be recovered. Further, a drive will also be conducted to recover past arrears during the next three months, sources added.

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