Finance Ministry To Move To Cash Basis Accounting For GST Collection

In a bid to bridge the lag in actual revenue accrual, the finance ministry will from this fiscal shift to cash basis accounting for the Goods and Services Tax where monthly collections will be reported on the first working day of the following month. So far, monthly tax returns under GST, which has amalgamated 17 central and state taxes into one, were allowed to be filed by the 20th of the followi…