InvestorQ : Why has Indian government made revisions to the GST targets for the current year?
sarah Leo made post

Why has Indian government made revisions to the GST targets for the current year?

Answer
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vidhya Laxmi answered.
9 months ago


With consistent shortfalls in its revenues, the tax department raised GST collection target to Rs.1.15 lakh crore per month for January and February and Rs.1.25 lakh crore for March and wants to achieve this by checking fraudulent input tax credit claims. The decision was taken in a high-level meeting chaired by Revenue Secretary Ajay Bhushan Pandey. GST authorities would look into the mismatch of supply and purchase invoices, data analytics of mismatch in GSTR-1, GSTR-2A and GSTR-3B, failure of filing returns, over invoicing, recuperation of fake or excess refunds availed beyond permissible limits, patching tax leakages, action on checking fake or huge ITC claims, data analytic review of refunds under inverted duty structure, etc.

Around 40,000 companies have been red-flagged for excess or fraudulent ITC claims and other tax related wrongful issues through data analytics, out of 1.2 crore GST registrants. Field formations have been directed to conclude ITC recuperation without any overreach but in a stipulated timeframe, sources added.