GST has been historic and game changer reform for the Indian economy, Arun Jaitley said while addressing a function commemorating the first year of the implementation of the Goods and Services Tax.
A vibrant example of cooperative federalism and a ‘Team India’ spirit, GST has brought a positive change in the Indian economy, PM Modi said in a series of tweets today. He claimed that the tax reform has brought growth, simplicity and transparency.
The Goods and Services Tax (GST) was rolled out in the intervening night of June 30 and July 1, last year , in a ceremony held in the Central Hall of Parliament.
Sushil Modi revealed that the lack of consensus was mainly on account of probable loss of revenue to both the centre and state governments.
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Bringing petrol and diesel under GST will not be an easy call for the central government as it will have to let go of about Rs 20,000 crore of input tax credit that it currently collects by keeping petrol, diesel, natural gas, jet fuel and crude oil out of the GST regime.
The board has also asked the exporters, traders and other claimants to avail to avail this opportunity of Special Refund Fortnight from May 31, 2018 to June 14, 2018.
Government expenditure is on only in healthcare and in some other amenities, he said and added that "To keep this expenditure going on, the government has continued taxing petrol, diesel and even LPG. It is squeezing money from people in such taxes and spending some from it on public amenities.
The time has now come for the Centre to go in for a permanent solution instead of resorting to cosmetic changes.
According to a finance ministry statement, the GST collection has been put at Rs 7.41 lakh crore for the period ending March 31, 2018.
Earlier, prior to GST roll out on July 1, 2017, the duty-free shops were exempt from the levy of Central Sales Tax (CST) and Value Added Tax (VAT) as sale from such shops were considered as exports.
The agency has charged him and his wife along with 13 others with criminal conspiracy and corruption among others.
Both the central and state governments have started making up their mind in this regard, he said. Petroleum products are out of GST ambit which was rolled out in July last year.
The ADB's growth projection of 7.3 per cent this fiscal is in line with that of rating agency Fitch, but a tad lower than RBI's forecast of 7.4 per cent.
According to the data released by the Finance Ministry on Monday, 6.84 crore returns were filed during 2017-18, significantly higher than 5.43 crore filed in the previous fiscal.
The collection had marginally slipped in January to Rs 86,318 crore from Rs 86,703 crore in December.
"GST is a process and if we expect that the entire process will settle down in anything less than 10 years, then we are being unrealistic," Debroy said at the annual general meeting of India International Chamber of Commerce.
Under the GST regime, an e-way bill needs to be generated and carried for movement of all goods valued at over Rs 50,000.
Naidu said the demonetisation brought the money, hitherto lying idle, into the banking system and resulted in bringing down the interest rates.
The last date for filing initial GSTR-3B sales returns for any month is the 20th of the subsequent month. Businesses, however, can continue to file returns after that date on payment of a late fee.
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