Categories: Business

GST, IT collection in Q1 encouraging, indicates recovery says finance secretary

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GST, IT collection in Q1 encouraging

new Delhi. The revenue collection from taxes in the first quarter of the current financial year is encouraging and this indicates that the economy is returning faster than anticipated when implementing lockdown. Finance and Revenue Secretary Ajay Bhushan Pandey made this comment on Thursday. He said that the Department of Revenue wants to implement self-compliance among taxpayers by providing data on all financial transactions through Form 26AS while filing income tax returns. He said that about 70 percent of the goods and services tax (GST) of Rs 91 thousand crore deposited in June has been recovered from the transactions in May.

"For June, as per the current trends, we have certain indications as to how many people have paid so far, as well as e-way bills, movement of trucks," he said at a function of Udyogamandal FICCI. There are encouraging signs that the economy is making a comeback sooner than what was anticipated after the lockdown started in March. ”Also, through advance tax and TDS, income tax collection in the April-June quarter was the last. About 80 percent of the same period of the year.

The Secretary said, "These two figures" GST and Income Tax "are encouraging and give us some hope that businesses are starting up wherever possible. But there are some sectors, such as hospitality, education, tourism, which are facing hardship. ”The government notified the revised Form 26AS in May, which included high-value financial transactions of taxpayers such as cash deposits or withdrawals, a There are additional details such as purchase of property during the financial year. This ensures voluntary compliance and makes e-filing of IT returns easy. Pandey said that if a person sees all his transactions in one place, it makes return filing very easy and helps honest taxpayers. It also sends a message to those individuals who are on the threshold of violating compliance and also tries to get them on the right side of the law. "One of the things we want to promote is voluntary compliance rather than sending notice to someone," he said. Regarding digital lending by banks, Pandey said that if the tax-payer profile of the loan applicant banks Is made available, it will make it easier for lenders to assess how much loan can be given. They said, "We have all this information, these information can be shared in a secure way. We Are working on We had meetings with various parties concerned, and we received many suggestions. We are working on them. "

This post was published on July 23, 2020 10:05 pm

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