GST Current Affairs - 2019
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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.
Reserve Bank of India (RBI) governor Shaktikanta Das called for permanent status to Finance Commission. RBI Governor Shaktikanta Das is also the member of the fifteenth finance commission.
Necessity of the Permanent Status
- The permanent status will ensure consistencies between finance commissions so that there is some certainty in the flow of funds to states.
- The permanent status will also provide for continuity between the successive finance commissions.
- The permanent status will also provide for the finance commission to function as a leaner entity in the intervening period until the next finance commission is set up in a full-fledged manner.
- The establishment of the finance commission through permanent status will also enable it to address issues arising from the implementation of the recommendations of the finance commission during the intervening period.
The RBI governor also called on for a robust expenditure planning without compromising on fiscal consolidation as fiscal federalism gathers momentum in the era of uniform goods and services tax (GST). He said that it is equally important to undertake robust expenditure planning based on a ‘commonly agreed expenditure code’ to address the socio-economic challenges without diluting the goals of fiscal consolidation.