GST: Minor shortfall in central government revenue

The government is taking various steps to check evasion as well as educate the taxpayers about the new tax regime and encouraging voluntary compliance, said Arun Jaitley

GN Bureau | February 12, 2018


#Finance Ministry   #Arun Jaitley   #GST   #tax  
GST: Minor shortfall in central government revenue
GST: Minor shortfall in central government revenue

There is a minor shortfall in central government’s revenue following the implementation of GST, finance minister Arun Jaitley informed parliament.

 
He said that at the aggregate level, the states are getting their revenues including 14% growth rate over 2015-16 collections.
 
 
The government is taking various steps to check evasion as well as educate the taxpayers about the new tax regime and encourage voluntary compliance. The steps which are being taken include introduction of e-way bill, simplification of measures for filing tax returns, steps to capture invoice details of transactions so that the same could be matched with credit taken and verification of transition credit availed by tax payers, said the minister.
 
The National Anti-Profiteering Authority and Standing Committee as well as State Level Screening Committees on anti-profiteering have been set up to examine the complaints of profiteering. Affected consumers may file an application, in the prescribed format, before the Standing Committee on Anti-profiteering.
 
To protect the interests of consumers, the government has directed manufacturers/ packers/ importers of pre-packaged commodities to declare the revised retail sale price (MRP) after implementation of GST by way of stamping or putting sticker or online printing, as the case may be, on the unsold stock manufactured/ packed/ imported in addition to the existing retail sale price (MRP) up to March 31, 2018. Use of un-exhausted packaging material/ wrapper has also been similarly allowed up to March 31, 2018 after making necessary corrections.

Comments

 

Other News

Elections 2024: Why Mumbai and Maharashtra verdict is crucial

In the ongoing Lok Sabha elections, Maharashtra with 48 Lok Sabha seats is of crucial importance for the final outcome. In the 2019 election, the Shiv Sena-BJP alliance won 42 seats including six seats in Mumbai, as well as one each in Thane, Kalyan, Bhiwandi, and Palghar, which fall in the Mumbai Metropol

Jammu-Kashmir makes indelible mark on electoral history

In a massive stride for India’s electoral polity, Jammu and Kashmir has registered its highest poll participation in the last 35 years in the General Elections of 2024. The Combined Voter Turnout (VTR) at the polling stations for the entire union territory, which has 5 Lok Sabha seats

New study tracks heat wave; exposes dangerous trends in big cities

An unprecedented heat wave has been enveloping Indian cities, worsening the urban heat island effect, this summer. A new analysis by Centre for Science and Environment (CSE) says there are far deeper and longer term evidences on the nature of this changing trend that is impacting the biggest cities of the

Phase 6: Voter turnout 59.06% at 7:45 PM

Polling in the sixth phase of General Elections 2024 which commenced across 58 PCs recorded an approximate voter turnout of 59.06% as of 7:45 pm Saturday. In spite of hot weather in certain parts of the country, voters were undeterred in their enthusiasm as they were seen queuing up patient

Banks not adhering to RBI guidelines, finds study

Banks across India are levying inconsistent service charges on basic savings accounts. A study, “Benchmarking Reasonableness of Service Charges by Banks in India”, uncovers and exposes inconsistencies in adherence to RBI mandates by banks. It finds some banks impose charges exceeding reasonable

“Mumbai Infra boom similar to that of Manhattan in 19th C”

Mumbai’s ongoing infrastructure boom – with a new coastal road, Atal Setu, metro lines and much more – creating transport corridors – is comparable to that of Manhattan in New York during 1811-1870, according to BMC commissioner Bhushan Gagrani. The iconic projects being implemented

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter