Many large companies to move Appellate Authority against GST demand notices
In recent days, an increasing number of GST notices have been sent to many companies mainly on account of alleged discrepancy in input tax credit (ITC).
Declaring that the government has comfortably met the Goods and Services Tax (GST) collection targets, Finance Minister Arun Jaitley on Tuesday released the new indirect tax collection figures for the first month of GST implementation in July.
“Till 10 a.m. this morning (Tuesday), 38.38 lakh assessees have filed their GST returns and, therefore, of the eligible category 64.42 per cent have complied so far,” Jaitley told reporters here.
“The total amount of GST until 10 a.m. is Rs 92,283 crore,” he said, adding that the total number of those registered under GST who should be filing returns is 59.57 lakh.
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The Finance Minister said that as per the stated tax collection targets for July, the amount due to the Centre is Rs 48,000 crore, and for the states the corresponding figure is Rs 43,000 crore.
“So, the combined target is Rs 91,000 crore and we have met that in the GST collections,” he said, adding that more collections were expected on payment of late fees of Rs 100 per day.
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