Drabu reviews revenue realisation progress under GST regime
Drabu reviews revenue realisation progress under GST regime
Over two months after Jammu and Kashmir came under the ambit of Goods and Service Tax (GST) regime, Minister for Finance, Dr Haseeb A Drabu on Thursday held a review meeting on Revenue Collection for 2017-18 and Projected Revenue for 2018-19, a press note issued here read.
According to the press note, under SGST, Expected Revenue (ER) Realisation for 2018-19 has been set at Rs 6194 crores while Projected Revenue (PR) is Rs 7061.47 crores. For Liquor and ATF, ER has been set at Rs 407.14 crores while PR is Rs 463 crores.
“On Motor Spirit and Diesel Oil Tax, ER is Rs 1183.44 crores and PR is Rs 1350 crores. Passenger Tax ER is Rs 13.32 crores and PR is Rs 15 crore while ER on Stamps and Registration has been set at Rs 219.69 with PR of Rs 300 crore,” officials as per the press note said.
Drabu said although the new system of indirect taxation has shaken the system which will take some more time to stabilise, the Commercial Taxes Department (CTD) must organise training programs and identify points for filing of tax returns for the ease of businesses. He directed the CTD to constitute a couple of teams for Srinagar and Jammu to see how the GST regime is being implemented by traders in markets.
“A separate exercise must be run to calculate the cost of collection of taxes so that the Finance Department can allocate resources proportionately. It is time to reform our financing structure and ensure that the customers in J&K purchase goods at lowest price, yet the manufacturer doesn’t face losses,” Drabu said.
The finance minister asked the CTD to file a report on Benami licenses within one week and ensure that the PAN and other relevant information is seeded with the license holders. He directed the officials to stop the export of unfinished willow bats to outside states by misbranding without proper taxing system in place.
Drabu also urged the officers to increase source money in order to increase detection of evasion of taxes through informal system of checking, “You must create a lucrative incentive structure for employees who help in detecting evasion of taxes,” he said.
The finance minister said post GST, there should be a larger debate on inter- and intra-state toll collection while toll posts should become ‘Data Collection Point’ for the government rather than toll collection.
“Travel to and business in J&K must become hassle-free so that the state attracts more investment. Also, a proposal must be prepared for providing insurance policy for employees posted at Lakhanpur Toll Post, including employees of finance, police, labourers, etc. who are exposed to harsh working conditions,” he said.
Officials said, in 2017-18, under Sales Tax/VAT (SGST from July 8, 2017), Revenue Target has been set as Rs 6384.91 crore while Revenue Realisation ending July 2017 was Rs 2284.92 crore. Expected Revenue Realisation from 08/2017 to ending 03/2018 is Rs 3909.36 crore while total Expected Revenue Realisation 2017-18 is Rs 6194.28 crore. Revenue realisation for 2016-17 was Rs 4662.15 crore.
For Liquor and ATF, Revenue Realisation ending July 2017 was Rs 188.46 crore with Expected Revenue Realisation from 08/2017 to ending 03/2018 at Rs 218.68 crore while Expected Revenue Realisation for 2017-18 is Rs 407.17 crores. Revenue realisation for 2016-17 was Rs 367.06 crore with Expected Growth of Rs 11 crores, the press note read.
In 2017-18, Revenue Target for Motor Spirit and Diesel Oil Tax (MST) has been set as Rs 1100.09 crore while Revenue Realisation ending July 2017 was Rs 394.48 crore. Expected Revenue Realisation from 08/2017 to ending 03/2018 is Rs 788.96 while Expected Revenue Realisation for 2017-18 is Rs 1183.44 crore. Revenue Realisation on MST for 2016-17 was Rs 987.49 crores with expected growth of Rs 19.84 crores.
In 2017-18, Revenue Target for Passenger Tax has been set at Rs 15 crore while Revenue Realisation ending July 2017 was Rs 4.44 crore. Expected Revenue Realisation from 08/17 to ending 03/2018 is Rs 8.88 while Expected Revenue Realisation 2017-18 is Rs 13.32 crore. Revenue Realisation for 2016-17 was Rs 12.92 crores with expected growth of Rs 3.10 crores, the press note further added.
In 2017-18, Revenue Target for Stamps and Registration has been set at Rs 300 crore while Revenue Realisation ending July 2017 was Rs 73.23 crore. Expected Revenue Realisation from 08/2017 to ending 03/2018 is Rs 146.46 while Expected Revenue Realisation for 2017-18 is Rs 219.69 crore. Revenue Realisation for 2016-17 was Rs 194.46 crores with Expected Growth of Rs 12.97 crore.
Total Revenue Target has been set at Rs 7800 crore for 2017-18 while Revenue Realisation ending July 2017 was Rs 2945.53 crore. Expected Revenue Realisation from 08/17 to ending 03/2018 is Rs 5072.34 while Expected Revenue Realisation for 2017-18 is Rs 8017.17 crore. Revenue Realisation for 2016-17 was Rs 6224.08 crores.
For 2016-17, Revised Target for Sales Tax/VAT was set at Rs 6550 crores with Revenue Realisation of Rs 6224.08 crores, Revenue Realisation for 2015-16 of Rs 5515.96 was crores.
In 2016-17, Revenue Collection by Excise Department was Rs 57033.68 lakhs, Toll of 73131.65 lakhs and Entertainment Duty of Rs 590.10 lakhs with total Excise of Rs 130755.43 lakhs
The target of Excise Department for 2017-18 is 62000 lakhs with achievement of Rs 23550.87 lakhs. For Toll, a target of Rs 91000 lakhs has been set with Rs 34747.56 realised while Entertainment Duty target is Rs 500 lakhs of which 225.61 has been realised. Total target has been set at Rs 153500 lakhs with Rs 58524.04 achieved (38.13%). The proposed Excise Revenue Targets for Rs 2018-19 is Rs 160500 lakhs.
The Excise Department has also been conducting raids to enforce the law, anti-drug and drunken driving awareness programs under Social Responsibility Corpus Funds, the press note added.
Consequences of incorrect invoice details uploaded while filing GSTR 1 What will be the consequences if incorrect invoice details are uploaded on GSTN Portal while filing GSTR 1? How any one canamend these details?
It is a very common question of every GST taxpayer that what would be the consequences if one encounters following mistake while filing his GSTR 1
• Mention the wrong GSTIN (For example the invoice is on the name of M/s A but mistakenly shown it as sale made to M/s B) • Mention wrong Invoice No. or Invoice date • Punched wrong Invoice value (Mistake is due to wrong data Punching)
As we all aware of the fact that GST Law doesn't provide any option to amend the GST Return. Therefore the taxpayers (especially small traders) are very much concern regarding consequences of clerical mistake committed while filling GST Returns specially GSTR 1.
However, Section No. 34 of CGST Act, 2017 provides that the person can issue a debit or credit note as the case may being fol…
The GST Council today decided to keep only 50 items, mostly demerit, sin and luxury goods in top 28 per cent tax bracket. “Lower 18 per cent GST will be levied on chewing gums, chocolates, after shave, deodorant, washing power, detergent, marble,” Bihar Deputy Chief Minister Sushil Modi said. The all-powerful council pruned the list of items attracting the top 28 per cent tax rate to just 50 from 227 previously, Modi told reporters here. In effect, the council cut rates on 177 goods.
“There were 227 items in the 28 per cent slab. The fitment committee had recommended that it should be pruned to 62 items. But the GST Council has further pruned 12 more items,” Modi said. He said all types of chewing gum, chocolates, preparation for facial make-up, shaving and after-shave items, shampoo, deodorants, washing powder detergent and granite and marble will attract lower 18 per cent tax rate.
“There was unanimity that in 28 per cent category there should be only sin and demerit goods. So, tod…
Press Information Bureau Government of India Ministry of Statistics & Programme Implementation 12-September-2017 17:28 IST
Consumer Price Index Numbers on Base 2012=100 for Rural, Urban and Combined for the Month of August 2017 The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has revised the Base Year of the Consumer Price Index (CPI) from 2010=100 to 2012=100 with effect from the release of indices for the month of January 2015. 2. In this press note, the CPI (Rural, Urban, Combined) on Base 2012=100 is being released for the month of August 2017. In addition to this, Consumer Food Price Index (CFPI) for all India Rural, Urban and Combined are also being released for August 2017. All India Inflation rates (on point to point basis i.e. current month over same month of last year, i.e., August 2017overAugust 2016),based on General Indices and CFPIs are given as follows: All India Inflation rates (%) based on CPI (General) and CFPIIndicesAug…