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Worried by the revenue collection trends under the Goods and Services Tax, the Central Board of Excise and Customs has asked its officials to assess payments by top assesses.
Ahead of the meeting by Finance Secretary Hasmukh Adhia on Saturday to discuss the trends in collections, the CBEC has asked its field formations to analyse the Central tax payments of the top 100 assessees in each jurisdiction in the pre- and post-GST period.
“It appears that all the data may not be available at the registration level for revenue comparison and analysis. However, revenue analysis of all those tax payers which were our assesses in the pre-GST period may be done and comparison be made of CGST revenue with revenue trend in Central Excise and Service Tax in the corresponding period of 2016-17,” said a recent circular.
Officials have also been asked to study the pattern and quantum of input tax credit CGST availed in form TRAN 1 and its comparison in the pre-GST period.
“Any abnormal or unusual availment of input tax credit may be pointed,” said the circular, adding that the analysis should also explain the reasons for the variation in tax paid.
The CBEC has also held internal meetings on the Central GST collection trends, since the roll out of the new indirect tax levy from July this year.
Adhia has called a meeting on December 9 of Centre and State tax officials to discuss measures to arrest revenue leakages and increase collections under the new indirect tax regime. While the revenue shortfall of States is beginning to narrow, the overall GST collection is yet to stabilise and is putting pressure on the Centre’s fiscal deficit.
GST collections in October dipped to ₹83,346 crore from ₹92,000 crore in September. Tax payments are expected to dip further following the duty cut on over 200 items by the GST Council in its last meeting.
More worryingly, the Centre’s share in GST between August and October amounted to ₹58,556 crore while State GST was ₹87,238 crore in the period. The Centre has said it is confident of meeting the indirect tax target of ₹9.68 lakh crore for the fiscal.
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