ICSI: A detailed report on the past, present & future of GST

Last updated: 03 April 2019

From the President

Dear Professional Colleagues

While looking back at the journey of GST so far, it is noted that in a very short span of 21 months, GST has made a significant impact on Indian Economy, Taxpayers, Compliance Mechanism, Way of Doing Business. In the revolutionary move to make Indian economy, as one of the most integrated and successful economies at the global fora, Indian government has been taking every possible steps for making the GST easy to implement, compliance friendly, simplified taxation mechanism, advanced e-governance.

Recently the Government has taken very welcome changes in GST by giving major relief to home buyers by reducing GST rates on under-construction housing projects to 5% from earlier 12% and to 1% for affordable housing from earlier 8%, threshold limit of registration for supplier of goods is increased to Rs. 40 lakhs and turnover limit for Composition Scheme is extended to Rs. 1.5 crore. Further, the benefit of Composition Scheme is extended to service providers also. New Return filing mechanism is introduced from April 1, 2019 on trial basis. All these initiatives will aid in making the new tax regime more effective and easily compliant.

The infinite benefits endorsed by GST will boost the economy by attracting foreign investments, promoting equitable growth in the long run. Efforts of professional are pre-requisite for achieving the effective implementation of GST. Professionals including Company Secretaries are playing a pivotal role in the same across the country and resolving the challenges of GST in the larger interest of the stakeholders and society as a whole.

Accordingly, to embolden the professionals to effectively contribute in the functioning of GST, the Institute is regularly bringing out GST Newsletter to apprise the professionals about facts and facets of GST as well as the updates taking place in GST regime. I am sure that the April issue of GST Newsletter would be a worthy foundation for describing the latest information on GST to professionals, academicians, students and public as a whole.

We look forward for your valuable feedback for further enriching the contents of GST Newsletter.

With best wishes
CS Ranjeet Pandey
President, ICSI

GST STATISTICAL UPDATES*

GST COLLECTIONS

The total gross GST revenue collected in the month of February, 2019 is Rs 97,247 crore. The GST collection stood at Rs. 103,458 crore in April 2018, Rs. 94,016 crore in May 2018, Rs. 95,610 crore in June 2018, Rs. 96,483 crore in July 2018, Rs. 93,960 crore in August 2018, Rs. 94,442 crore in September 2018, Rs. 100,710 crore in October 2018, Rs. 97,637 crore in November 2018, Rs. 94,726 crore in December 2018 and Rs. 1,02,503 crore in January, 2019.

Revenue in February, 2018 was Rs. 85,962 crore and the revenue during February, 2019 is Rs. 97,247 crore, a growth of 13.12%, over the revenue in the same month last year.