GSTISSUES

A host of problems have plagued the introduction of GST . Some of the key issues are: a) Despite the sharp reduction in the incidence of tax burden under the GST system, the Maximum Retail Prices (MRP) was not reduced but for a few commodities. The tax reduction contributed only to windfall profits for businesses and merchants at the expense of customers. The anti-profit clause (section 171 of the Act on CGST, 2017) has not been implemented in conjunction with GST, leaving the consumer who was used without a statutory forum by certain traders to express a complaint.   The state governments submitted representations to the Centre, but no successful action could be taken. The general perception was of a higher tax because the GST rates on the invoices were always higher than the previous VAT rates. Table 5.1: GST collection during August 2017-May 2018 (Rs crore) Month GST Collection August 2017   93, 590 September 2017 92, 029 October 2017 95,132...

GST receipts fell to Rs 97,247 crore from Rs 1,02 lakh crore in February last month, said the Ministry of Finance on Friday. However, compliance improved and for the month of January to 28 February the number of sales returns or GSTR-3B submitted amounted to 73,48 lakh. This is above 73.3 lakh returns that were filed in January. The Ministry stated in its statement that' The total gross GST revenues received in February 2019 were Rs 97,247 Crore, of which Central GST was Rs 17,626 Crore, State GST is Rs 24,192 Crore, Integrated GST is Rs 46,953 Crore, and Cess is Rs 8,476 Crore. ' The GST collection is 13.12 percent higher for February 2019 than that of the Rs 85,962 crore in February 2018. The government has regularly established Rs 19,470 crore in CGST and Rs 15,747 crore in SGST in IGST. Upon routine payment in February, the Center and state governments collect Rs 37,095 crore for CGST and Rs 39,939 for SGST. For February, the tax experts gave an explanation...

India is working towards a single national sales tax rate that could be 12-18 percent, Finance Minister Arun Jaitley said on Monday, with a view to simplifying the tax structure. The government set the rate from 28 to 5 hundred for the goods and services tax on most products when the redesign of the signature was adopted last year. "Several slabs were periodically set to ensure that no product tax rises dramatically. This included the impact of inflation," Jaitley wrote in his blog. "A potential plan could well be a single standard rate rather than two standard rates of 12 and 18 percent. The tax may be a mid-point between the two." He said that the country would look for none, five percent dollars and a standard rate for pleasure and vice (alcohol, tobacco, cigarettes ...). The government will also see the next priority of transferring cement to a lower tax burden.

A day after Urjit Patel resigned from the Central Bank, citing "personal reasons," former Economic Affairs Secretary Shaktikanta Das was named as the new Governor of the Reserve Bank of India (RBI). The Economic Times reported that Das, who served as Economic Affairs Secretary between 2015 and 2017, cooperated closely with the central bank. The report added that he is currently a member of the Indian Finance Commission and representative of the government at the Group of 20. After the end of Raghuram Rajan's tenure, he was also in the running to become the RBI governor in 2016. During his tenure, Das was charged with defending the most controversial financial reforms of the Narendra Modi government — demonetization and GST. His explanation was identical in both cases: they will cause disturbances for 2-3 months but bear fruit in the long term. Here's what Das said about the big questions. Demonetisation Known in February last year for its pro-demoneti...

Today, as yesterday, and the day before, and the day before, there was no work going back nine days in a row. Murli Banjara, who wore a graying mustache and a fading red gamcha, squinted at the sun, which was now almost overhead. It was close to midday. While sitting for five hours, Banjara claimed to have surrendered to another day of unemployment. "The worker pays for the GST," he added, saying that job had dried up as a result of the  Goods and Services Tax  levied almost a year earlier in July 2017. For 20 years, Banjara had increased its unreliable income from plowing arid land by lifting sandstone slabs in the Bijolia quarries. He worked as a hamaal worker in the quarries, loading sandstone on mining trucks. Then, for the first time in two decades, Banjara said he was out of work. Banjara's fellow workers said they saw drastic reductions in work opportunities even during the peak weeks of quarrying before the rains. Every year, more than a thousand of ...