New Collection Benchmark

MONTHLY GST collections crossed ` 1 lakh crore in October this year. The last time this had happened was in April 2018. Experts had attributed that to the year- end spurt in tax collections.

Unlike the last time, this time, the collections crossing ` 1 lakh crore is not seen as an exception and more as a norm even if one of the reasons for the jump could be the start of the festival season. Antievasion measures like tax collected at source, e-way bill are finally coming into play to give a fillip up to the GST collections.

There is a feeling now that the revenue department will go the whole hog to ensure that collections do not fall below ` 1 lakh crore now and, therefore, businesses should ensure that their GST audits are handled appropriately so that they do not invite the revenue department's wrath.