-The Hindu It would be much easier for the government to provide relief to people if the tax base was wider, says Revenue Secretary Tarun Bajaj, noting that four crore people don’t file returns though the tax department gets some TDS collections on their account. With major customs duty rationalisation done and corporate tax settled, the government hopes to finish some pending reforms in personal income tax and GST, creating a...
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How real is the GST boost? -AK Bhattacharya
-Business Standard The share of GST Collections in GDP has stagnated, even as IGST revenues from imports have gone up sharply The Modi government is elated over the steady improvement in the collection of goods and services tax (GST) in recent months. Along with the sharp growth in collections of other Union taxes, GST Collections have also crossed the Rs 1-trillion mark for each of the last six months beginning July 2021. Please...
More »Lack of GST details stumps economists -Vikas Dhoot
-The Hindu States seek transparency in GST data. GST Collections have crossed ₹1 lakh crore in eleven of the last 12 months, with the government attributing the trend to a rapid economic recovery and improved compliance levels, but economists are unable to analyse these tax numbers as critical data points are no longer shared by the government. Until December 2020, when monthly GST Collections were released, the official statement from the Finance Ministry...
More »GST mop-up hits a record in March -Vikas Dhoot
-The Hindu The indirect tax collections were 27% higher than that in March 2020. The gross GST Collections in March hit a record of ₹1,23,902 crore, the Union Finance Ministry said on Thursday. This is the sixth month in a row that GST revenues have remained above ₹1 lakh crore. “The GST Collections for March have created a record; it has never been so high. We have crossed the record collections by a...
More »Government ropes in I-T department to crack down on GST fraud -Vikas Dhoot
-The Hindu Data being pooled to track evasion, says Finance Secretary. Tightening the noose around fraudsters rigging the Goods and Services Tax (GST) regime, the government has roped in the Income tax department to tap illicit incomes as part of a crackdown against 7,000 fraud companies, identified using data analytics tools, Finance Secretary Ajay Bhushan Pandey told The Hindu. Any income traceable to the use of fake bills and other GST frauds shall...
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