GST collection in line with govt target, set to rise further: Piyush Goyal
Finance minister Piyush Goyal on Wednesday said the GST collection figure of Rs 96,483 crore is in line with the government’s target and it is set to increase further in the coming months with rise in compliance and market demand.india Updated: Aug 01, 2018 19:40 IST
Finance minister Piyush Goyal on Wednesday said the GST collection figure of Rs 96,483 crore is in line with the government’s target and it is set to increase further in the coming months with rise in compliance and market demand.
“These are monsoon months during which economic activity is usually relatively lower. We still have the busy season ahead of us. Considering that, we have a very good collections on GST,” he told reporters in New Delhi.
The finance ministry earlier announced that revenue collection under the Goods and Services Tax (GST) crossed the Rs 95,000 crore-mark for the second month in a row and stood at Rs 96,483 crore for June (collected in July).
Goyal said the government is expecting to see revenue buoyancy in the coming months.
“Given the buoyancy in the market that we expect after the major changes that have been carried out, we feel that compliance will improve and market demand will increase. And our own sense is that we will not have any revenue shortfall,” he added.
Responding to a question that some companies were not passing on the benefits of GST rate cuts announced in last month’s GST Council meeting to the end-user, Goyal said the government would take appropriate action.
“Reports suggest that many companies have started passing on the benefit of the GST rate cuts. But if any case to the contrary is brought to our notice where the benefits are not being passed on, necessary action will be taken against any such incident,” he said.
During its last meeting, the GST Council had cut rates on a range of goods including sanitary pads, small TVs, refrigerators, washing machines and many other consumer goods.
First Published: Aug 01, 2018 19:40 IST