The government, on January 8, started a nationwide audit exercise under the Goods and Services Tax (GST) for FY18.
According to a CNBC-TV18 report, the Central
GST Wing has sent out audit notices to taxpayers, seeking a series of nearly 12 documents. These include detailed records of business agreements of purchase and sales, GST, income tax, input service invoices, electronic cash/ credit ledgers.
GST revenue collection remained above Rs 1 lakh crore mark for the second month in a row with December mop-up rising to Rs 1.03 lakh crore as compared to the year-ago period.
In December 2018, the GST collection was Rs 97,276 crore. The GST collection in November 2019 stood at Rs 1,03,492 crore.
The government has set a target of over Rs 12 lakh crore for the financial year 2018-19, which can be achieved if the average monthly mop-up is around Rs 1 lakh crore, as compared with Rs 89,885 crore in 2017-18.
Source: moneycontrol.com