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Govt starts nationwide GST audit for FY18, sends out notices: Report  

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: https://www.moneycontrol.com/news/business/govt-starts-nationwide-gst-audit-for-fy18-sends-out-notices-report-4797931.html