Goods and Service Tax Current Affairs - 2020

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Government approves Monthly Pension Scheme for Traders

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved Rs.3000 monthly pension scheme for small retail traders and shopkeepers after they attain the age of 60 years.

Salient Features of Scheme

  • About: Under the scheme all small shopkeepers, retail traders and self-employed persons are assured a minimum of Rs.3,000 monthly pension after attaining 60 years of 60 years.
  • Beneficiary: The new pension scheme that offers pension coverage to the trading community will cover 3 crore small retail traders and shop keepers.
  • Eligibility: All small shopkeepers, self-employed persons and retail traders aged between 18-40 years and with Goods and Service Tax (GST) turnover below Rs.1.5 crore can enrol for pension scheme.
  • Enrollment: The scheme is based on self-declaration as no documents are required except bank account and Aadhaar Card. Also, the interested persons can enrol themselves via more than 3,25,000 Common Service Centres  (CSC) spread across India.
  • Government Contribution: The Central Government will make matching contribution (same amount as subscriber contribution) i.e. equal amount as subsidy into subscriber’s pension account every month.
  • Significance: Since ages India has a rich tradition of trade and commerce and our traders make a strong contribution to India’s economic growth. Therefore, cabinet decision will benefit the trading community. This pension scheme is a part of Prime Minister’s vision to provide a robust architecture of universal social security.

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GST Revenue Touches Record High in March

The statement from the Finance Ministry states that GST collections scaled to a record high of Rs 1.06 trillion in March. The revenue collection was Rs 97,247 crore in the month of February.

Record Revenue Mobilisation

  • The record revenue collection was attributed to increased compliance and increase in the number of returns filed.
  • Total gross GST revenue collected in March 2019 stood at Rs 1,06,577 crore of which Central GST is Rs 20,353 crore, State GST is Rs 27,520 crore, Integrated GST is Rs 50,418 crore and cess is Rs 8,286 crore.
  • The number of summary sales returns GSTR-3B filed for the month of February up to March 31 stood at 7.59 million.
  • The GST revenue collection in March 2019 records an impressive 15.6 per cent growth over March 2018 collection of Rs 92,167 crore.
  • The monthly average of GST revenue during 2018-19 stood at Rs 98,114 crore which is 9.2 per cent higher than the previous fiscal.

GST Collections for 2018-19

April 2018: Rs 1.03 lakh crore

May 2018: Rs 94,016 crore

June 2018:  Rs 95,610 crore

July 2018: Rs 96,483 crore

August 2018: Rs 93,960 crore

September 2018: Rs 94,442 crore

October 2018: Rs 1,00,710 crore

November 2018: Rs 97,637 crore

December 2018: Rs 94,725 crore

January 2019 : Rs 1.02 lakh crore

February 2019: Rs 97,247 crore

March 2019: Rs 1,06,577 crore

The increase in revenue collection in the month of March is an indication that the revenue growth has been picking up in recent months, despite various rate rationalisation measures.

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