Public limited companies just 0.6% of GST taxpayer base but pay 35% of revenue

By: |
Published: July 10, 2020 1:10 AM

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.

Similarly, only 0.2% taxpayers are public sector undertakings but contribute above 9% of revenue under GST.Similarly, only 0.2% taxpayers are public sector undertakings but contribute above 9% of revenue under GST.

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.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Modi LIVE: Tax rules get easier, friendlier; faceless assessment, appeal, taxpayer charter; honesty honoured
2Sugar-coating: Mills to get higher prices to offset hike in cane rates
3Dues pile up: After power producers, machine suppliers say UP discoms owe them Rs 2,000 crore