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Panel set up to boost GST revenue after sharp collection dip
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SME Times News Bureau | 10 Oct, 2019
The GST Council on Thursday
constituted a committee of officers to improve revenue after the
September Goods and Services Tax (GST) collection dropped sharply to a
19-month low of Rs 91,916 crore, reflecting weak consumer demand.
The
second straight month of decline in the GST collections came amid a
massive slowdown in the economy, visible in six year low GDP growth
numbers for the April-June quarter.
"The committee shall submit
its first report within 15 days to the GST Council Secretariat which
shall coordinate the meeting of the committee to ensure finalisation of
the inception report..," the Council office memo said.
GST
Council, in a memorandum, said that that it has been decided that that a
committee of officers from state as well as the Centre is "required to
suggest steps to be taken to improve revenue collection".
The
Council expects the newly formed committee to look into "policy measures
and changes in the law", measures to "improve voluntary compliance and
improved compliance monitoring and anti-evasion measures" among others.
The aim is to move to GST 2.0 and leapfrog tax reform to its second
phase by bringing electricity, oil & gas, real estate and alcohol
under its ambit and converging the rate structure into 2-3 slabs.
The
members of the committee, as stated, were the Commissioners, SGST of
Maharastra, Tamil Nadu, Uttar Pradesh, West Bengal and Punjab.The
members from the Centre would include: Principal Commissioner, GST PW,
Joint Secretary (TRU 1 and 2), ADG (ARM and Systems) and Joint
Secretary, Revenue.
Besides, the Joint Secretary, GST Council Secretariat and Executive VP, GSTN will also be the part of the committee.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 22 Oct, 2019 |
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