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…
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