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

Reit: Real estate for retail

Every middle-class Indian dreams of a home coupled withlanded property to live off the rent. However, large initial investment, particularly inmetros, and low yields ensure that real estate is out of the reach of the common man. A return of 7-8 percent from commercial properties is considered highly commen

Maharashtra poll panel rolls out Electors Verification Programme

The Maharashtra State Election Commission has urged the residents to take advantage of the ongoing Electors Verification Programme (EVP) and register their names along with those of the members of their families in the electoral rolls. The drive, which started on November 11, 2019, will continue till Febru

Budget goes to print with Halwa ceremony

The budget season is here, and the annual document has gone to print, beginning the lock-in period till its presentation in parliament on February 1. The Halwa ceremony, marking the commencement of the budget printing process, was held in North Block Monday morning in the presence of finance

‘Desh Apnayen’ is a movement to partner with your country: Vallabh Bhansali

Investment banker, venture capitalist and stock-market expert Vallabh Bhansali is the co-founder and chairman of Enam Group, a pioneering equity research company in the country. He is a promoter of spiritual and cultural traditions and also an expert on development economics, behavioural science and co

Evaluating public-private partnership, the right way

Public-Private Partnerships (PPP) projects are always under scrutiny, given the options of alternative of traditional procurement for the government. The value-for-money debate is one of the essential parameters to judge any PPP. In the absence of any credible data on this regard, it is very difficult to e

Electoral bonds emerge as preferred mode of political donation

Electoral bonds, introduced in January 2018 to bring in transparency in political funding, has emerged as the preferred route for making donations to parties, according to an analysis of the parties’ audit reports by the Association of Democratic Reforms (ADR). “Given the anonymi



Archives

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter