| | NOVEMBER 20198MARKETWATCH: NEWSStates to Overtake Centre in Ensuring GST RegulationsA recent Finance Ministry review on states and centre's behavior on GST compliance conclud-ed that the state govt seems to outperform the centre in filing of returns. There was a considerable gap noticed by the ministry in regards with the centre when compared to the states. The Ministry's conclusion was with respect to GSTR1 and GSTR 3B. While GSTR1 is a report of all the returns of taxpayers where details of sales are filed, GSTR 3B is a summarized return form of files by registered dealers which claim the tax to be paid at the time of filing. Officially the Central Board of Indirect Tax and Customs (CBIC) ordered the field officers to make sure that there are no breaches in tax return filings. The state tax officers say that the tax administration of the centre is revolving around poor compliance and low revenue collection.However, the tax collection has been lower than the expectations with September revenue. This has awakened the revenue department as the poor collection rate would impact the economy of the centre. In regards with this, the centre has formed committee to drive back the revenue shortfall while taking care of the faulty tax structure.
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