Tag: GST

STD JK Bags Prestigious SKOCH Award For Successful Implementation Of GST

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SRINAGAR: The State Taxes Department of Government of J&K UT has been awarded SKOCH Award 2023 in Silver category for its successful implementation of GST.
On this occasion, Commissioner STD J&K Dr Rashmi Singh applauded the efforts of the department in ensuring successful implementation of GST. She said that winning SKOCH Award is a significant accomplishment and reflects the dedication and hard work of the the whole team of employees of the department in both divisions of UT. She further added that this shall serves as a source of inspiration for others who are working towards similar goals.
During previous financial year, the department launched several initiatives to increase taxpayer awareness, including seminars, workshops, and outreach programs to educate taxpayers about their rights and responsibilities.
The State Taxes Department also stepped up its efforts to crack down on tax evasion, including conducting stock checking, inspections and audit to identify and penalise tax evaders.
Further, the department implemented a range of technological solutions, including the use of data analytics, BIFA, artificial intelligence, machine learning to automate tax administration processes and improve the efficiency of the tax system.
The Commissioner State Taxes Department J&K Dr Rashmi Singh (IAS) conducted various outreach programmes, engaged with taxpayers, understood their concerns, thereby helping build trust and improve communication between the State Taxes Department and the people it serves.
This resulted in awareness and understanding of tax laws and regulations. Dr. Rashmi Singh time and again reiterated that, “interaction with taxpayers offers clear and accessible information about tax requirements and procedures, thereby helping ensure that taxpayers are able to comply with the law and avoid potential penalties. At the same time, this helps in identifying areas where the tax system may need improvement or where there may be opportunities to make the process more efficient and user-friendly.”
The SKOCH Award, instituted in 2003, recognizes excellence in governance, inclusive growth, and other social and economic initiatives across India. The award recognizes projects and initiatives that have made a significant impact in improving the lives of people in the country.

The SKOCH Award in Silver category is a prestigious recognition that signifies that the project or initiative has achieved a high level of success and has demonstrated innovation, scalability, and sustainability.

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#STD #Bags #Prestigious #SKOCH #Award #Successful #Implementation #GST
( With inputs from : kashmirlife.net )

May 6, 2023
GST collection rises 12% to Rs 1.87 lakh cr in April, highest ever collection

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New Delhi: GST collection grew by 12 per cent in April to Rs 1.87 lakh crore, the highest monthly mop-up since the rollout of the indirect tax regime.
The gross GST revenue collected in the month of April 2023 is Rs 1,87,035 crore of which CGST is Rs 38,440 crore, SGST is Rs 47,412 crore, IGST is Rs 89,158 crore (including Rs 34,972 crore collected on import of goods) and cess is Rs 12,025 crore, the finance ministry said in a statement.
The previous high collection of Rs 1.68 lakh crore was in April last year.

“The revenues for the month of April 2023 are 12 per cent higher than the GST revenues in the same month last year,” the ministry said.
During the month, the revenues from domestic transactions (including import of services) are 16 per cent higher than the revenues from these sources during the same month last year.
The total gross collection for the 2022-23 fiscal stood at Rs 18.10 lakh crore, 22 per cent higher than the previous year.
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#GST #collection #rises #lakh #April #highest #collection
( With inputs from www.siasat.com )

May 1, 2023
GST mop-up in March at Rs 1.60 lakh cr second highest ever, FY23 gross collection up 22%

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New Delhi: GST collections in March grew 13 percent to the second highest ever at Rs 1.60 lakh crore, taking the growth rate of revenue mop-up for full 2022-23 fiscal to 22 percent.
March also saw over 91 percent of the GST registered businesses filing returns and paying taxes reflecting greater compliance and improving economic activity.
Gross GST revenue collected in March 2023 is Rs 1,60,122 crore, of which Central GST is Rs 29,546 crore, State GST is Rs 37,314 crore, Integrated GST is Rs 82,907 crore (including Rs 42,503 crore collected on import of goods) and cess is Rs 10,355 crore, the finance ministry said in a statement.

In April 2022, GST collection had touched a record high of close to Rs 1.68 lakh crore. The second highest mop-up was recorded in March 2023, at a little over Rs 1.60 lakh crore.
For full 2022-23 fiscal year, gross Goods and Services Tax (GST) mop-up grew 22 percent to Rs 18.10 lakh crore. The average gross monthly collection for the full year is Rs 1.51 lakh crore.
March is the fourth time in the just gone by financial year that the monthly gross GST collection has crossed Rs 1.5 lakh crore-mark. Last month also witnessed the highest IGST collection ever, the ministry said.
Revenue for the month of March 2023 is 13 percent higher than the GST revenue in the same month last year, the ministry said. During the month, revenue from import of goods was 8 percent higher and revenue from domestic transaction (including import of services) is 14 percent higher than the revenue from these sources during the same month last year.
The ministry said return filing during March 2023 has been the highest ever. 93.2 percent of statement of invoices (in GSTR-1) and 91.4 percent of returns (in GSTR-3B) of February were filed till March 2023 as compared to 83.1 percent and 84.7 percent, respectively a year ago.

KPMG in India Partner Indirect Tax Abhishek Jain said the monthly and yearly GST collection point towards the growing trajectory of the Indian economy.
“Another cheer point is the highest ever compliance rate with 91.4 percent of returns being filed in the month of March, indicating success of revenue authorities and businesses in ensuring tax compliance and preventing tax evasion,” Jain said.
Deloitte India , Partner, Leader – Indirect Tax, Mahesh Jaising said with the growth in economic activity and increased focus on GST analytics based audits, the trend should see upward trajectory in the coming months.
“Also, with the new FTP being rolled out from today, we have to wait and watch the impact on the import-export which is expected to have a role in GST collections too,” Jaising said.
Tax Connect Advisory Partner Vivek Jalan said businesses are also understanding that robust compliance is the way forward under GST and a significant boost in GST return filing taking the compliance ratio to more than 90 percent from early 80 percent shows that Indian businesses are fast moving into the mainstream.
This would enhance the Income Tax revenues also and lead to overall GDP growth, Jalan added.
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( With inputs from www.siasat.com )

April 1, 2023
LG Inaugurates GST Symposium & Tax Awareness Initiative ‘Kar-Tavya’

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SRINAGAR: Lieutenant Governor Manoj Sinha on Wednesday inaugurated the GST symposium and Tax awareness initiative ‘Kar-Tavya’ for industries, traders associations, DDOs & other stakeholders, at the Convention Center.
The GST symposium is being organized by J&K State Taxes Department in collaboration with The Institute of Chartered Accountants of India.
The Lt Governor said the outreach to help and guide the stakeholders & taxpayers to build synergy and to achieve the prime objective to set J&K on a high growth trajectory. A systematic approach by the State Taxes Department to simplify regulatory compliances has led to revenue augmentation and improved ease of doing business for the stakeholders. Such symposium and awareness drive will further stimulate the rate of compliance & productive capacity, added the Lt Governor.
“We are following the Prime Minister’s mantra of Transform, Reform & Perform to build a prosperous & Atmanirbhar J&K. It is the collective responsibility of citizens and business enterprises to unlock potential and drive J&K’s economic growth,” said the Lt Governor.
The reforms and policies focus on the protection and empowerment of the common man. Our long-term economic development policies are aimed at reducing inequalities for the welfare of society. Robust growth in business sectors will benefit society as a whole, the Lt Governor observed.
It is imperative to ensure that economic growth through stabilization of the tax revenues is ensured at all levels. At the same time it should also be ensured that habit gets inculcated in every business enterprise & consumers to pay taxes with pride, he added. We must achieve the target of 100% GST tax coverage. Every taxpayer must come forward and contribute towards nation-building, LG said.
GST realized the dream of One Nation, One Tax, and guaranteed revenue flow to the states. I express my heartfelt gratitude to the business community and citizens of Jammu Kashmir for their cooperation & invaluable contribution to the development of J&K, the Lt Governor said.
Observing that increased business activities are required for long-term economic development and strengthening food security & generating employment opportunities, the Lt Governor highlighted the effective steps taken by the administration for improving Ease of Doing Business, facilitating the expansion of the existing units & set up of new industries & businesses and extending the benefits of amnesty schemes. The reason for buoyancy in the revenue is due to several measures taken by the State Taxes Department like the establishment of GST Facilitation Centers (GST Suvidha Kendras), District Level Awareness Programmes for the Stakeholders across the UT of J&K, Co-ordination Meetings between Central GST and UT GST authorities, etc. The State Taxes Department has adopted a promotional approach rather than a regulatory one and is continuously focusing on capacity building, the Lt Governor noted.

Jammu Kashmir has taken a giant leap in the industrial sector and investments from big companies from India & abroad continue to flow into the UT for industrial activities. Within two years, we have received investment proposals worth Rs 66,000 crores. In the last 6 months, one industrial-business unit has commenced its operation every day. This reflects the true picture of new & aspirational Jammu and Kashmir, the Lt Governor said.
The Lt Governor reiterated the government’s commitment to developing more land for industries. Every facility will be extended to 18 industrial estates in the future. I want more people from J&K to set up industries and avail the benefit of the industrial development scheme, he added.
Responding to the demand of The Institute of Chartered Accountants of India for land for the center of excellence, the Lt Governor announced that the land will be allotted for the said purpose.
The Lt Governor further shared the vision of the UT Government for accelerating growth in various sectors. We are working with an integrated approach for the development of all sectors, he added.
The Lt Governor also spoke on efforts of the government to generate employment and livelihood opportunities for the youth.
More than 30000 vacant government posts have been filled in the last three years. And wherever any wrong was found, a CBI inquiry has been initiated. The recruitment for another 20,000 posts in administration will be advertised in 3-4 months, the Lt Governor informed.
We want to saturate self-employment in J&K. Youth were identified from every panchayat and town of the UT, and in a single day, 75000 youth were provided more than Rs 939 cr financial assistance. More than 6 lakh women have been connected with NRLM, he noted.
The Lt Governor urged the people to not fall prey to certain vested interests spreading false information and creating misconceptions around anti-encroachment drives, power generation, and property tax.
No poor will be touched during anti-encroachment drives but no influential encroacher will be spared. The encroached land retrieved by the government will be utilized for the welfare of the common man and schools, colleges, hospitals, and sports facilities will be developed on the retrieved land, said the Lt Governor.
The Lt Governor also shared the facts in detail regarding the imposition of property tax in the UT. The property tax in Jammu and Kashmir is the lowest as compared to other states. There are around 5, 20,000 houses in the cities of J&K. Out of these, 2,06,000 houses are less than 1000 sq ft and no tax is being imposed on them. No tax on 40% of the people living in cities, rural and religious places. 2,03,600 houses are less than 1500 sq ft and 80% of these households will have to pay less than Rs 600 per annum. This amount is one-tenth of the tax amount being paid in Shimla, Ambala, and Dehradun, the Lt Governor said.
46,000 out of 1,01,000 shops in city areas are less than 100 sq ft and they will have to pay up to Rs 700 per annum. Out of these 46,000 shops, 80% will have to pay a meager Rs 600 per annum/ Rs 50 per month. 30,000 shops will have to pay taxes below Rs 2000 per annum and out of these, 20,000 will have to pay less than Rs 1500 which is also one-tenth of the amount being paid in Shimla, Ambala, and Dehradun, he noted.
Revenue will directly go to the accounts of municipalities and corporations. This step has been taken to make our cities an engine of growth, he added.
The Lt Governor also invited suggestions from all sections of society concerning better arrangements in property tax. Our doors are open. Everyone must come forward in making J&K a dynamic and developed region of the country, he added.
On the occasion, the Lt Governor unveiled Kar-Tavya periodical and Kar-Tavya booklet and also handed over the Letter of Appreciation to organizations and top taxpayers of the UT.
Dr. Arun Kumar Mehta, Chief Secretary; Dr. Rashmi Singh, Commissioner Sales Taxes; Sh Ranjit Kumar Agarwal, National VP, Institute of Chartered Accountants India (ICAI) and other senior officers and various stakeholders were present on the occasion. (KNS)

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( With inputs from : kashmirlife.net )

March 1, 2023
Gujarat Assembly yet to get Rs 9,136 cr as GST compensation, says minister

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Gandhinagar: Gujarat is yet to get Rs 9,136.26 crore as Goods and Services Tax compensation from the Union government, the state Assembly was informed on Monday.
During discussion on the issue in the House, senior Congress leader Arjun Modhwadia said Gujarat was losing an average Rs 15,000 crore every year after the GST Act came into force and sought information of pending GST compensation.
Responding to the question, state Finance Minister Kanubhai Desai informed the House Rs 9,136.26 crore was pending by way of GST compensation.
“For the year 2021-22 and 2022-23, Gujarat has claimed Rs 30,400 crore as GST compensation. The Centre has so far paid Rs 21,264 crore while payment of Rs 9,136 crore is still pending. Of those Rs 21,264 crore, the Centre has paid Rs 4,200 crore in cash and Rs 17,045 crore as loan. The Centre will pay the interest on that loan through cess fund,” Desai told the Assembly.
This cess is collected from various products, such as tobacco, coal and soft drinks, for the purpose of paying compensation to states, said Desai.
He said the Centre paid Rs 17,045 crore as loan to Gujarat because the Centre’s cess collection was lower during 2020-21 and 2021-22 due to the COVID-19 pandemic.
“Due to a slump in business activity because of the pandemic, the income from cess was not enough. Thus, the Centre took a loan from RBI and gave us a loan. The Centre will pay interest on it through the Cess fund,” he said.
When asked by the opposition about when Gujarat expects to receive the remaining Rs 9,136 crore, Desai said the GST Council, in its recent meeting, has approved payment of Rs 864 crore.

Criticising the BJP government on the issue, Modhwadia said “Due to this GST Act, Gujarat is losing Rs 15,000 crore every year. Gujarat is at the receiving end because we are a manufacturing state. This is the reason why even Prime Minister Narendra Modi had vehemently opposed GST when he was Gujarat chief minister.”
Desai countered the Congress leader saying all the sources of income in the country should be equally distributed for the development of the country.
He defended the GST Act saying the Centre has paid compensation to Gujarat in the past and there is no due left for 2017-18, 2018-19 and 2019-20.
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#Gujarat #Assembly #GST #compensation #minister
( With inputs from www.siasat.com )

February 27, 2023
Petrol, diesel can be brought under GST ambit if council takes a call: Sitharaman

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Jaipur: Union Finance Minister Nirmala Sitharaman Monday said that petrol and diesel can be brought under the GST ambit if the GST council takes a call.
She was in Jaipur to attend the post-budget press conference where she answered at length on questions related to petrol-diesel prices, inflation, rising repo rates, among other issues.
Answering a query on bringing petrol and diesel under the GST purview, she said, “Petrol and diesel can be taken under the GST if the GST council, which is not governed by any one government but finance ministers of all states, takes the call.
“The Centre government has made its intent clear by saying that we will put it as an item under GST. Now the GST council should take a call and let there be an ‘open charcha’.”
On the Congress’ allegations of vindictive approach, the finance minister said, “Investigative agencies like ED, CBI and others do a huge big homework for quite some time and when they have necessary prime facie material in their hands, after having sent a number of questionnaires and getting partial complete, or no reply, they go. It can’t be done overnight by any instinct.”
“It’s strange that a party’s past presidents, on money matters or corruption are all out on bail and that is through courts. And they speak of vindictive politics.
“Each agency going there has been bringing tangible material… some of which has been pictured by the media. Instead of accusing people of vindictiveness, they should explain to people and its own plenary as to why their people are out on bail by the court.”
She said, “The Congress party should not speak at all on corruption, and then bring in the matter of vindictiveness. It is a shame, one after the other, every Congress government has come and gone out of power on the issues related to corruption,” she said.

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#Petrol #diesel #brought #GST #ambit #council #takes #call #Sitharaman
( With inputs from www.siasat.com )

February 20, 2023
Entire Rs 16,982 cr GST compensation cess to states to be cleared: FM

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New Delhi: Finance Minister Nirmala Sitharaman said on Saturday that the entire GST compensation cess for June 2022 totalling Rs 16,982 crore will be cleared.
She said this while addressing a press conference soon after the 49th meeting of the GST Council ended.
She also informed that Rs 16,524 crore to six states which have submitted the accountant general’s (AG) certificate will also be released.
Delhi, Tamil Nadu and Telangana are among the six states which have submitted AG certificates.
Though submission of AG certificate is a requirement for the states to seek GST compensation, Sitharaman said that it wasn’t a strict pre-requisite, as 90 per cent of funds are anyway released to the states, while the remaining amount is given after the AG certificate is submitted.
The GST Council meeting, which was held at Vigyan Bhavan here, discussed matters pertaining to setting up of appellate tribunals and curbing tax evasion in pan masala and gutkha businesses.
The groupf of ministers’ (GoM) report on taxation for pan masala was accepted by the council.
At the meeting, the GST Council decided to reduce GST on pencil sharpeners and certain tracking devices. Exemption on coal rejects supplied by and to the washeries was also approved by the Council. Also, GST on a type of liquid jaggery has been reduced to nil from 18 per cent if sold loose. If its pre-packaged and labelled, the tax rate on it would be 5 per cent.

The GST Council also recommended rationalisation of late fee for delayed filing of annual returns.
However, no decision could be arrived at by the fitment committee for SUVs and MUVs.
Sitharaman said that the GST Council decided to tax services supplied by courts and tribunals under the reverse charge mechanism.
She also informed that the decision on the GST Appellate Tribunal has been accepted with change in language and the modification in draft will be circulated within a week.
Sitharaman said that she expects to finalise the GoM report on GST tribunals with slight modifications so that it is ready by March 1 and can be included in the Finance Bill.
The GoM’s report on online gaming could not be taken up at the meeting as the Chairman of the GoM, Meghalaya Chief Minister Conrad Sangma, could not attend the meeting due to the upcoming Assembly elections in the state, the Finance Minister said.
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( With inputs from www.siasat.com )

February 18, 2023
Petroleum products can be brought under GST if consensus reached: Sitharaman

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New Delhi: Finance Minister Nirmala Sitharaman on Wednesday said that if states arrive at a consensus, then petroleum products can be brought under the GST regime
Addressing a post-budget interactive session organised by industry body PHDCCI, she said that if the states agree, then petroleum products can be brought under the GST ambit.
The GST Council is scheduled to meet on February 18.
Meanwhile, the Finance Minister, during the interactive session with industry captains, said that the government, over the years, has striven to increase public expenditure, which she said would fuel growth.
Sitharaman further said that in the recently presented budget, the government has raised capital expenditure by 33 per cent to Rs 10 lakh crore.
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( With inputs from www.siasat.com )

February 15, 2023
Centre owes Rs 2433 Crores in GST compensation to Telangana

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Hyderabad: The Central Government owes Rs 2433 crores in the form of Goods and Services Tax (GST) compensation to Telangana. The GST compensation dues for the Financial Years 2020 to 2021 and 2021 to 2022 are still withstanding and amount to a total of Rs 2,432 crores.
The pending GST compensation of Rs 2,433 crores are the dues from the last three years. Despite the repeated requests from the Telangana government, the BJP government has not cleared these dues.
Telangana has received about Rs 16,570 crores in the form of GST compensation since the beginning of the GST system. June 2022 is the end of transition period for the state governments and this has not been extended despite many requests by various states. The GST compensation method was introduced to compensate for the revenue loss of the states.
Similarly the West Bengal government has said the pending GST compensation was about Rs 2,409 crores from the state. When the question of pending dues to the state of Kerala was raised by a Member of Parliament in Lok Sabha, Union Finance Minister Nirmala Sitharaman has said that the Kerala Government has not submitted documents approved by the Accountant General for GST compensation for the last 5 years.
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( With inputs from www.siasat.com )

February 13, 2023
Sitharaman asks states to expedite formalities to seek GST compensation

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New Delhi: Finance Minister Nirmala Sitharaman on Monday came down heavily in Parliament on states complaining about delay in getting GST compensation, saying that rather than blaming the Centre for delay in facilitating the payment, they should ensure that the accountant general’s (AG) statements, which is the prerequisite for seeking the amount, are sent on time.
Replying to a series of questions on GST compensation raised by DMK’s A Raja and RSP’s N.K. Premachandran in Lok Sabha during Question Hour, Sitharaman said that the Kerala government has not sent the AG statements for five years, i.e. from 2017-18 to 2021-22.
“I am looking at my records and saying Kerala has not sent the AG’s certified statements for the GST compensation for the years 2017-18, 2018-19, 2019-20, 2020-21, and 2021-22. I am sorry to be so precisely going by year after year and thereby taking the valuable time of the House. So, you have sent it not even for one year.
“Have you sent me the AG’s certified account even for one year for getting your compensation dues? Then, it is accused that the Centre is not releasing the funds in time. The certified authorised statement has reached not even for one year,” she said.
The Finance Minister told Premachandran to convey to Kerala government that it should send all the statements together at one go.
“On the receipt of that, we will clear it. You have not sent it for one year, and you keep blaming us that we are not giving you the money in time,” she said.
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( With inputs from www.siasat.com )

February 13, 2023