Page 52 - Latest Updates on Goods and Services Tax
GST collection falls below Rs 1 trillion in August: Govt data
Gross revenue collections from the Goods and Services Tax (GST) in July stood at Rs 1.02 trillion
 "GST collection falls below Rs 1 trillion in August: Govt data")
300 fresh pharma unit applications up for approval in Gujarat: FDCA
As per the state FDCA commissioner, the state has benefited from the introduction of GST
 "300 fresh pharma unit applications up for approval in Gujarat: FDCA")
MSMEs to get pending GST refunds within 30 days: Nirmala Sitharaman
Banks will also have to return all documents within 15 days of a loan closure, helping borrowers whose mortgaged assets are tied up
 "MSMEs to get pending GST refunds within 30 days: Nirmala Sitharaman")
Govt offers resolution for pre-GST disputes with tax authorities
There will also be an amnesty scheme. Under this, the assessee will have to voluntarily disclose the due taxes
 "Govt offers resolution for pre-GST disputes with tax authorities")
No sectoral relief
Tax cuts for specific industries must be avoided
 "No sectoral relief")
Closer look at CAG audit of GST reveals systemic flaws, not just glitches
Granular, comparable and regularly updated data on GST has never been shared by the government with researchers or the public
 "Closer look at CAG audit of GST reveals systemic flaws, not just glitches")
Govt must raise expenditure on infra, focus on rural income: Experts
Resolve NBFC crisis, ask banks to transmit MPC's decisions, they say
 "Govt must raise expenditure on infra, focus on rural income: Experts")
Rural investment is the best way to revive economy, says Pronab Sen
The informal sector is starting to crawl back, and taking back some of the space it had given up after demonetisation
 "Rural investment is the best way to revive economy, says Pronab Sen")
Auto industry unanimous on its demand for GST cut to 18%, says SIAM
SIAM said Hero MotoCorp Chairman Pawan Munjal had also emphasised on this point on immediate GST reduction at the meeting with finance minister Nirmala Sitharaman
Letter to BS: Reason for under performance of revenues is not evasion
The real reason for under performance is slowdown in the economy and fixing the target too high keeping fiscal deficit in view
 "Letter to BS: Reason for under performance of revenues is not evasion")
Revenue department to brief PMO on Rs 1.67-trillion tax shortfall
Despite a cut in the income tax collection target in the full Budget compared to the interim Budget projections, the target is far from realistic
 "Revenue department to brief PMO on Rs 1.67-trillion tax shortfall")
The big GST question
GST is clearly underperforming - so what should the govt do now?
Hyundai Kona prices reduced by Rs 1.58 lakh after GST revision for EVs
The reduced Kona Electric price is effective from August 1, 2019
 "Hyundai Kona prices reduced by Rs 1.58 lakh after GST revision for EVs")
CAG flags deficiencies in functioning of GST
The return mechanism's complexity and technical glitches resulted in rolling back of invoice matching, rendering the system prone to ITC fraud
 "CAG flags deficiencies in functioning of GST")
GST collection over Rs 1 trillion in July despite subdued CGST and SGST
However, the central and state portions remained subdued, posing a challenge for the revenue target for the financial year
Taxation blues
CAG raises valid issues on revenue system inadequacies
 "Taxation blues")
GST collections in July cross Rs 1-trillion-mark after dropping in June
Central GST was Rs 17,912 crore; and SGST at Rs 25,008 crore
 "GST collections in July cross Rs 1-trillion-mark after dropping in June")
Letter to BS: Slowdown in tax collection is not because of evasion
Government-owned companies which manufacture a very large amount of goods and services do not evade
15th Fin Commission rejects central tax pool demand by Delhi, Puducherry
The Commission will not consider their memorandums
 "15th Fin Commission rejects central tax pool demand by Delhi, Puducherry")
2 years after roll-out, GST glitches still exist, says CAG report
Report also points to slowdown in revenues in FY18
 "2 years after roll-out, GST glitches still exist, says CAG report")