GST Current Affairs - 2019

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1 July: GST Day

1st July 2019 is being celebrated as GST (Goods & Services Tax) Day. This year marks the 2nd anniversary of implementation of historic tax reform of Goods & Services Tax.

Background

First GST Day was celebrated on 1 July 2018, as to mark the first anniversary of new indirect tax regime i.e. Goods and Services Tax (GST). GST was rolled out in intervening night of 30 June and July 1 2017 in a ceremony held in the Central Hall of Parliament.

GST Day 2019

Finance Ministry will be introducing new return system on a trial basis from 1 July 2019 and will make it mandatory basis from 1 October 2019.

Reforms proposed

Union Ministry of Finance kicked off the celebrations of GST day by coming up with further reforms in Indirect Tax system with introduction of-

New return system: Sahaj & Sugam returns for small taxpayers

Rationalisation of Cash Ledger System: With regards to single cash ledger, Centre will rationalise ledger in a manner that earlier 20 heads are merged into 5 major heads. There is only 1 cash ledger for tax, penalty, interest, fee among others.

Single Refund-Disbursing Mechanism: will come into play wherein government which sanctions refund disburses all four major heads of refunds namely Central Goods & Services Tax (CGST), State Goods & Services Tax (SGST) or Integrated Goods & Services Tax (IGST) and Cess.

Introduction of Composition Scheme: As per FinMin threshold limit of Rs.40 lakh is offered of suppliers of goods as per choice of states. Thus ministry propose to introduce composition scheme for small service providers up to an annual turnover of Rs.50 lakh with a tax rate of 6%, electronic invoicing system in a phase-wise manner for B2B (Business to Business) transactions.

GST Appellate Tribunals: are being established at various state headquarters and also in area benches.

Celebrations:

Anurag Thakur Minister of State (MoS) for Finance and Corporate Affairs will preside over event alongside key secretaries and officials of various departments.

At event Book on ‘GST for MSME’ will be released.

GST Commendation Certificates‘ will be awarded to Central Board of Indirect Taxes and Customs (CBIC) officers who worked hard in GST implementation.

What is GST?

Goods & Services is an Indirect Tax levied on the supply of goods and services and which has replaced many Indirect Taxes that previously existed in India. On 29th March 2017, Goods and Service Tax Act was passed in Parliament and Act came into effect on 1st July 2017.

It is one Indirect Tax for entire country and is a multi-stage, comprehensive, destination-based tax that is levied on every value addition.

Under GST regime, tax is levied at every point of sale (PoS). In case of Intra-state sales, Central GST (CGST) and State GST (SGST) are charged and the Inter-state sales are chargeable to Integrated GST (IGST).

GST has transformed India into ‘one nation, one Tax, and integrated country into an Economic Union and into single common market by breaking barriers to inter-state trade and commerce.

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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.

Month: Categories: Business, Economy & BankingUPSC

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