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

Thackeray orders probe in Nashik Hospital gas leak tragedy

The Maharashtra government has ordered a probe into the tragic incident of oxygen leak at the Zakir Hussain Hospital in Nashik district, in which 24 Covid-19 patients on critical life support have died. Chief Minister, Uddhav Thackeray expressed grief over the tragic incident and announced

"Maharashtra opposition interested in politics, not public welfare”

Refuting any political instability in the state, Jayant Patil, Maharashtra cabinet minister and state president of Nationalist Congress Party (NCP), has said the government is very stable and there are no differences among allies. The senior leader accused the opposition of ‘playing po

In Mumbai, decline seems to have begun

Amid a virulent second wave, as Mumbai scrambles for hospital beds, the civic authorities have said there was no need for panic since 3,685 beds were still available in the city for Covid-19 patients as of Tuesday evening. Also, after a surge there has been a decline with new cases coming down to 7,000-8,0

UP govt hospital goofs up Covid test results

At a time when the country is fighting the virulent second wave of Covid-19 with daily cases upwards of 2,50,000, testing is of critical importance, but government-run labs are not only delaying reports, in one case there was a goof-up and a negative report turned to positive within a day. A

Politicians trade charges as Covid breaks previous records in Maharashtra

A political war erupted between the centre and Maharashtra over supply of essentials including medicines and oxygen as the state struggles to control the raging Covid-19 amidst scarce health infrastructure. Maharashtra has seen a consistent rise in Covid infections and recorded 67,123 new c

Remdesivir procured at high prices to save lives: BMC

Countering the opposition BJP’s allegations of corruption in the procurement of Remdesivir, a critical anti-viral injection often prescribed for Covid-19 patients, the BrihanMumbai municipal corporation (BMC) has clarified that its decision to procure the drug was aimed at saving  lives even if

Masterminds Masterclass with Nikhil Mahadeshwar, Cybersecurity Expert & Co-founder, Skynet Softtech



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter