Arun Jaitley says GST had only transient impact on growth
Finance Minister Arun Jaitley on Sunday hit out at the “critics and cynics” who blame GST for growth deceleration, saying the indirect tax reform had only a “transient” impact on growth and that too for two quarters.
In remarks apparently aimed at former Reserve Bank governor Raghuram Rajan, who Friday blamed the Goods and Services Tax roll-out along with demonetisation for lower GDP growth, Jaitley said the economy recovered fast from the limited “disruptionist impact” of the tax reform. Click to read more
GST a monumental reform, hit growth only for 2 quarters: Arun Jaitley
The GST implementation was a “monumental reform” which had disruptionist impact on growth only for two quarters, Finance Minister Arun Jaitley said Sunday, hitting out at “critics and cynics” who blame it for hurting the GDP expansion.
The remarks come a day after former RBI Governor Raghuram Rajan blamed the indirect taxation reform for derailing the India’s growth story. Jaitley did not name Rajan. “You will always have critics and cynics who will come up and say it (GST) slowed down India’s growth,” Jaitley said, speaking at state-run Union Bank of India’s 100th anniversary celebrations event here over a video link. Click to read more
Jaitley Says GST Had Only Transient Impact On Growth
Finance Minister Arun Jaitley hit out at the “critics and cynics” yesterday who blame GST for growth deceleration, saying the indirect tax reform had only a “transient” impact on growth and that too for two quarters.
In remarks apparently aimed at former Reserve Bank governor Raghuram Rajan, who Friday blamed the Goods and Services Tax roll-out along with demonetisation for lower GDP growth, Jaitley said the economy recovered fast from the limited “disruptionist impact” of the tax reform. Click to read more
Demonetisation, GST weighed down India’s economic growth last year: Raghuram Rajan
Demonetisation and the Goods and Services Tax (GST) are the two major headwinds that held back India’s economic growth last year, former RBI Governor Raghuram Rajan has said, asserting that the current seven per cent growth rate is not enough to meet the country’s needs.
Addressing an audience at the University of California in Berkley on Friday, Rajan said for four years — 2012 to 2016 — India was growing at a faster pace before it was hit by two major headwinds. Click to read more
GST compensation paid to states declines to Rs 11,900 crore in Aug-Sept
GST compensation paid to states by the Centre has declined to over Rs 11,900 crore during August-September, an official said.
The bi-monthly GST compensation paid during the June-July period was Rs 14,930 crore, nearly four-fold jump from Rs 3,899 crore paid in April and May.
“Over Rs 11,900 crore has been released to the states from GST compensation fund during August-September after regular and ad-hoc settlement of IGST fund,” an official told PTI. Click to read more
GST compensation paid to states by the Centre has declined to over Rs 11,900 crore during August-September, an official said.
The bi-monthly GST compensation paid during the June-July period was Rs 14,930 crore, nearly four-fold jump from Rs 3,899 crore paid in April and May.
“Over Rs 11,900 crore has been released to the states from GST compensation fund during August-September after regular and ad-hoc settlement of IGST fund,” an official said. Click to read more
Haryana Government’s Diktat On GST Credit: Masterstroke Or Harassment Tool?
The Haryana government has announced a plan to safeguard its revenue against fraudulent activities by taxpayers. It has laid down guidelines to determine when the input tax credit under Goods and Services Tax regime can be blocked for a taxpayer. Experts are divided over the implications and the ability of the state tax department to issue such a circular.
What’s The Plan Of Action?
The plan of action was set into motion last week via a circular issued by the Excise and Tax Commissioner of Haryana. It says that a tax officer can use the GST Network portal to block and unblock input tax credit. Click to read more
Statsguru: GST collections cross Rs 1-trillion mark for second time in FY19
Goods and services tax (GST) collections crossed the Rs1-trillion mark for the second time in 2018-19. As seen in Chart 1, collections rose to Rs1.01 trillion in October, up from Rs944 billion in September. Collections had previously touched Rs1.04 trillion in April.
The disaggregated data shows that Central GST (CGST) collections continue to remain well below state GST (SGST) collections (Chart 2). One possible explanation is that credit allowed for capital goods under the previous indirect tax regime could still be weighing down CGST collections. Click to read more
FinMin asks foreign missions, UN bodies to correctly state place of supply in GST returns
The finance ministry Friday asked foreign diplomatic missions or UN organisations to correctly mention the ‘place of supply’ of services in their GST return forms to enable quick processing of refund.
The GST Act provides for allotting a Unique Identification Number (UIN) to consulates, embassies and UN organisations to enable them claim refund of the GST paid. Click to read more
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