Govt mops up Rs 6.12 lakh cr indirect taxes in April-Nov
New Delhi: 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 GST-Compensation 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.