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Haryana hails Rs 20 lakh threshold limit for GST

government today hailed the decision by Centre and the states to fix Rs 20 lakh as the threshold limit for imposition of Goods and Services Tax (GST), saying that it will benefit 50 per cent of the traders in the state, who would not come under the purview of the GST system.

Finance Minister Capt Abhimanyu said in a statement that Prime Minister Modi, was in favour of implementing GST in the entire country from April 1, 2017 onwards and the state was also fully prepared in this regard.

He said the fixing of threshold for imposition of GST at Rs 20 lakh would provide relief to small traders and retailers with annual turnover of up to Rs 20 lakh, as this would reduce the pressure on them while ensuring better revenue collection.

The Centre and states today reached an agreement on keeping traders with annual revenue of up to Rs 20 lakh out of the new national sales tax regime that will subsume all cesses.

Small traders would also have to arrange for computers and other resources if they are included in the system. This decision would also pave the way for fixing the upper limit of goods and services, he said.

Meanwhile, the state government has set up the State Project Management Unit (SPMU) for activities required to be completed for full-scale roll-out of Public Financial Management System (PFMS) for all Central Sector (CS) and Central Assistance to State Plan (CASP) schemes, and to suggest measures for removal of bottlenecks, if any.

The Finance Minister said the Central government had universalised the roll-out of PFMS for all CS and CASP Schemes and intended to extend the facility to State Schemes, for which a number of activities have to be completed at different levels in mission mode to ensure timely release of funds and real time monitoring and consideration.

He said the SPMU would function in the Directorate Planning Department under the control of Director Planning, and would include as other functionaries one junior administrative grade officer to be posted amongst retired officers from having experience of Treasury operations or Budget, and two Accounts Officers and two Project Managers to be provided by the Central Government.

The Unit would be responsible for registration of all implementing agencies, mapping of all relevant information of the schemes, uploading of sanctioned budget of each scheme of PFMS, identity implementation hierarchy of each scheme and integration of systems interface of specific schemes.

The Unit would also carry out deployment of trainers or resource persons and training of departmental trainers. It would also periodically review progress of functioning of PFMS, review expenditure and identify issues and bottlenecks and suggest solutions, he added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard

Haryana hails Rs 20 lakh threshold limit for GST

Press Trust of India  |  Chandigarh 

government today hailed the decision by Centre and the states to fix Rs 20 lakh as the threshold limit for imposition of Goods and Services Tax (GST), saying that it will benefit 50 per cent of the traders in the state, who would not come under the purview of the GST system.

Finance Minister Capt Abhimanyu said in a statement that Prime Minister Modi, was in favour of implementing GST in the entire country from April 1, 2017 onwards and the state was also fully prepared in this regard.



He said the fixing of threshold for imposition of GST at Rs 20 lakh would provide relief to small traders and retailers with annual turnover of up to Rs 20 lakh, as this would reduce the pressure on them while ensuring better revenue collection.

The Centre and states today reached an agreement on keeping traders with annual revenue of up to Rs 20 lakh out of the new national sales tax regime that will subsume all cesses.

Small traders would also have to arrange for computers and other resources if they are included in the system. This decision would also pave the way for fixing the upper limit of goods and services, he said.

Meanwhile, the state government has set up the State Project Management Unit (SPMU) for activities required to be completed for full-scale roll-out of Public Financial Management System (PFMS) for all Central Sector (CS) and Central Assistance to State Plan (CASP) schemes, and to suggest measures for removal of bottlenecks, if any.

The Finance Minister said the Central government had universalised the roll-out of PFMS for all CS and CASP Schemes and intended to extend the facility to State Schemes, for which a number of activities have to be completed at different levels in mission mode to ensure timely release of funds and real time monitoring and consideration.

He said the SPMU would function in the Directorate Planning Department under the control of Director Planning, and would include as other functionaries one junior administrative grade officer to be posted amongst retired officers from having experience of Treasury operations or Budget, and two Accounts Officers and two Project Managers to be provided by the Central Government.

The Unit would be responsible for registration of all implementing agencies, mapping of all relevant information of the schemes, uploading of sanctioned budget of each scheme of PFMS, identity implementation hierarchy of each scheme and integration of systems interface of specific schemes.

The Unit would also carry out deployment of trainers or resource persons and training of departmental trainers. It would also periodically review progress of functioning of PFMS, review expenditure and identify issues and bottlenecks and suggest solutions, he added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Haryana hails Rs 20 lakh threshold limit for GST

Haryana government today hailed the decision by Centre and the states to fix Rs 20 lakh as the threshold limit for imposition of Goods and Services Tax (GST), saying that it will benefit 50 per cent of the traders in the state, who would not come under the purview of the GST system. Finance Minister Capt Abhimanyu said in a statement that Prime Minister Narendra Modi, was in favour of implementing GST in the entire country from April 1, 2017 onwards and the state was also fully prepared in this regard. He said the fixing of threshold for imposition of GST at Rs 20 lakh would provide relief to small traders and retailers with annual turnover of up to Rs 20 lakh, as this would reduce the pressure on them while ensuring better revenue collection. The Centre and states today reached an agreement on keeping traders with annual revenue of up to Rs 20 lakh out of the new national sales tax regime that will subsume all cesses. Small traders would also have to arrange for computers and ... government today hailed the decision by Centre and the states to fix Rs 20 lakh as the threshold limit for imposition of Goods and Services Tax (GST), saying that it will benefit 50 per cent of the traders in the state, who would not come under the purview of the GST system.

Finance Minister Capt Abhimanyu said in a statement that Prime Minister Modi, was in favour of implementing GST in the entire country from April 1, 2017 onwards and the state was also fully prepared in this regard.

He said the fixing of threshold for imposition of GST at Rs 20 lakh would provide relief to small traders and retailers with annual turnover of up to Rs 20 lakh, as this would reduce the pressure on them while ensuring better revenue collection.

The Centre and states today reached an agreement on keeping traders with annual revenue of up to Rs 20 lakh out of the new national sales tax regime that will subsume all cesses.

Small traders would also have to arrange for computers and other resources if they are included in the system. This decision would also pave the way for fixing the upper limit of goods and services, he said.

Meanwhile, the state government has set up the State Project Management Unit (SPMU) for activities required to be completed for full-scale roll-out of Public Financial Management System (PFMS) for all Central Sector (CS) and Central Assistance to State Plan (CASP) schemes, and to suggest measures for removal of bottlenecks, if any.

The Finance Minister said the Central government had universalised the roll-out of PFMS for all CS and CASP Schemes and intended to extend the facility to State Schemes, for which a number of activities have to be completed at different levels in mission mode to ensure timely release of funds and real time monitoring and consideration.

He said the SPMU would function in the Directorate Planning Department under the control of Director Planning, and would include as other functionaries one junior administrative grade officer to be posted amongst retired officers from having experience of Treasury operations or Budget, and two Accounts Officers and two Project Managers to be provided by the Central Government.

The Unit would be responsible for registration of all implementing agencies, mapping of all relevant information of the schemes, uploading of sanctioned budget of each scheme of PFMS, identity implementation hierarchy of each scheme and integration of systems interface of specific schemes.

The Unit would also carry out deployment of trainers or resource persons and training of departmental trainers. It would also periodically review progress of functioning of PFMS, review expenditure and identify issues and bottlenecks and suggest solutions, he added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
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177 22

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