GST: Minor shortfall in central government revenue -Governance Now

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

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.

Read: The flawed premises of GST

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

El Niño threatens India’s Rabi crops

India’s southwest monsoon ended with a 13% rainfall deficit in 2026, its weakest performance in a decade, raising concerns over agricultural production, water security and the upcoming rabi season. With El Niño expected to persist into early 2027, experts warn that declining soil moisture, dep

Regulating the data advantage: India’s new e-Commerce framework

For over a decade, India’s e-commerce story has rested on a simple premise: platforms connect buyers and sellers, while data fuels efficiency, personalisation, and scale. However, as the market matured, its structure has revealed a growing imbalance. E-commerce platforms, especially marketplace ent

Changing weather patterns, climate change responsible for Nepal floods

The interaction between active Western Disturbances, increased atmospheric moisture and the region’s complex topography aswell as global warming are important factors behind intense rainfall in the Himalayas, leading to flash floods in Nepal, according to meteorologists. Nepal

A right she cannot reach

Last summer, the two of us spent several weeks in rural Madhya Pradesh with a non-profit that works on gender justice through women’s self-help groups. We went in with a notebook full of laws. The Protection of Women from Domestic Violence Act. The Dowry Prohibition Act. Free legal aid for every wo

Tier-2 cities lead India’s digital credit push

Digital payments have become a reflex for urban India, but the confidence earned in paying has not yet carried over to borrowing. That is the central finding of `How Urban India Pays Report 2026`, released by Pahlé India Foundation in collaboration with Amazon Pay. Based on a survey of 5,149 consu

India calls for doubling bilateral trade with UK by 2030

Commerce and industry minister Piyush Goyal has called upon businesses in India and the United Kingdom to translate the opportunities created by the India-UK Comprehensive Economic and Trade Agreement (CETA) into expanded trade, investment, partnerships and job creation. Addressing the Bu