GST compliance gets better but far from desired level; FY18 collections at Rs 7.41 lakh cr

Compliance level has got better since the implementation of the new indirect tax system from July 1, it is far from its desired level. For instance, only 27. 2 lakh or close to 37 percent of assessees filed return in August 2017, out of 73.7 lakh eligible taxpayers, data released by the finance ministry showed. Compliance rate under Goods and Services Tax (GST) was around 50.29 percent and 56.58 p…