Public limited companies just 0.6% of GST taxpayer base but pay 35% of revenue : 10-07-2020

Public limited companies, which account for only 0.6% (72,151) of total GST-registered taxpayers, contribute about 35% to the GST revenue collection, data released by the GST Network showed. About 1.2 crore taxpayers are currently under the GST ambit.

Similarly, only 0.2% taxpayers are public sector undertakings but contribute above 9% of revenue under GST. Other top revenue contributors are firms constituted as private limited companies — about 6.75 lakh or 5.9% of total taxpayers have paid 27.5% of the revenue.

The largest chunk of taxpayers — 80.2% — identify as proprietorship, and they pay about 13.4% of the total revenue collection. In terms of turnover, about 7% taxpayers fall under the Rs 5 crore and above category but pay nearly 81% of total taxes. (see chart)

Similarly, large taxpayers above the Rs 5-crore turnover threshold upload nearly 6,500 invoices per taxpayer per month compared with just 30 invoices if all taxpayers are taken into account. Invoices are required to be uploaded by GST assessees with the GSTR-1 Return which has details of outwards sales by the businesses.

Source : Times of India