GST: Compliance falls for invoice returns
Compliance level for GST invoice-level filings continues to be low despite several extensions and, in all probability, are just over 30% right now. In the case of
summary returns, however, compliance levels have been higher at around 65-70%. Detailed invoice-level filings are important because it is only after these details
are available that GST authorities can check the levels of tax evasion. While the break-even GST collection is likely to be in the range of Rs 95,000-1,00,000 crore
per month, in April-November collections have averaged Rs 87,000 — after Rs 92,000 crore for July, collections fell to Rs 81,000 crore for November. While there were
around 60 lakh firms registered under GST in July, this rose to 84 lakh by November. In addition, the number of firms under the composition scheme — these firms need
to pay just a 1% GST levy on sales and file quarterly summary returns — rose from 5 lakh to 16 lakh over the same period.
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