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India

Rahul Gandhi promises Nyay, real GST after LS win

Congress President Rahul Gandhi said the Bharatiya Janata Party (BJP) government slapped on people demonetisation and “Gabbar Singh Tax”, while his party would give them the ‘Nyay’ income guarantee scheme and “real” GST if it comes to power.

“They did demonetisation and Gabbar Singh Tax. We will give NYAY and a real GST. NYAY= Surgical strike on poverty = Rs 72,000 a year to India’s poorest 20 per cent,” he said on Twitter.

Priyanka Gandhi Vadra, Gandhi’s sister and Congress General Secretary for eastern UP, said the Nyay scheme will empower women. “Happy that under the NYAY scheme, women will receive Rs 72,000 directly into their accounts. Empower a woman, empower a family,” she tweeted.

The Congress President had on Monday announced that Rs 72,000 per annum will be provided to five crore households and 25 crore individuals directly under the NYAY scheme.

IANS

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India

Fake GST, e-billing racket busted in Jammu and Kashmir

An inter-state fake GST and e-billing racket worth crores of rupees was busted in Jammu and Kashmir on Saturday, an official said.

A spokesman of the Jammu and Kashmir Sales Tax Department said that a team of its officials detained a vehicle carrying goods worth Rs 40 lakh on Saturday and an online verification of the GST and e-billing documents it was carrying showed that these were fake.

“The racket has been operating since April 2018. It is involved in issuance of fake GST documents and fake e-bills,” the spokesman said.

The racket operators were identified as Mahima Enterprises, Mahima Garments and A.R. Electricals, all owned by Rajeev Bhatia of Delhi, and the scam was running in connivance with fake GST number holders in the name of P.K. Traders, Santosh Traders, Ravish Traders, Khan Enterprises and Mahima Trade Mart, he added.

The Sales Tax Department has taken up the matter with the Principal Director General, Central Excise Intelligence for further investigations.

According to the spokesman, these racket operators have traded in goods worth Rs 15 crore in J&K alone since April last year and it is “quite likely that they are operating a similar racket in other states as well”.

IANS

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Business India

GST rate cut to spur Bengaluru realty market growth; Credai

The realty market in India’s tech hub is set to grow as lower Goods and Services Tax (GST) rates become effective from April 1, builders’ apex body Credai said on Thursday.

“GST rate cut to 5 per cent from 12 per cent on under-construction properties and to 1 per cent from 8 per cent on affordable housing projects from April 1 will spur the growth in the realty sector,” Credai (Confederation of Real Estate Developers’ Association of India) President Ashish Puravankara said in a statement.

The sector is also betting on benefitting from the incentives given to the sector in the interim Budget for 2019-20 and anticipated higher investment in commercial and housing projects.

“Many potential home buyers are enquiring to book flats or duplex houses in gated communities and avail the GST rate cuts,” Puravankara said.

The GST Council cut the rates on February 24. It, however, did not accept the super carpet area concept as many developers have made it variable and flexible.

Cashing in on the GST relief and budgetary sops, Credai is holding its annual realty expo here on March 2-3 and March 9-10, where 30 developers will offer the properties with new indirect tax rates.

“Seven financial institutions will be at the expo to assist buyers in applying for home loans and benefits offered by them,” Puravankara said.

The state’s Stamps and Registration Department also witnessed 20 per cent increase in revenue from property registrations from May to December over the like period of 2017.

“Sales growth and higher revenue collection indicates property buyers are no longer in a wait mode, as developers have been offering houses at a better price,” Puravankara added.

IANS

 

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Business

Reversing declining trend, GST revenue Rs 1,02,503 cr in January

Reversing the declining trend of two months, the revenue collection under the Goods and Services Tax (GST) showed a marked improvement in January and stood at Rs 1,02,503 crore, crossing the Rs 1-lakh crore-mark only for the third time this fiscal.

The January collection was also 14 per cent higher than last year’s collection in the same month, the Finance Ministry said on Saturday.

The revenue collected in January relates to transactions made in December. The collection in December (for November transactions) was Rs 94,726 crore, down from Rs 97,637 crore in November.

The last time the GST collections had breached the Rs 1-lakh crore-mark was in October when it stood at Rs 1,00,710 crore.

Out of the Rs 1,02,503 crore collected in January, Rs 17,763 crore was collected as Central-GST (CGST), Rs 24,826 crore as State-GST (SGST), Rs 51,225 crore as Integrated-GST (IGST) and Rs 8,690 crore as cess, the Ministry said.

“In FY19, it is for the third time that GST revenue collection has crossed Rs 1 lakh crore,” it said in a statement.

It said a total of 73.3 lakh GSTR-3B returns were filed till January 31, up from 72.44 lakh returns the previous month.

The Ministry said that January 2019 collections were 14 per cent above the January 2018 collections of Rs 89,825 crore.

“This jump has been achieved despite various tax reductions having come into force that provided major relief to the consumers. The gross GST collections over the last three-month period has been 14 per cent higher than the corresponding period last year,” it stated

The announcement of GST figures crossing the Rs 1-lakh crore-mark was already made by the Finance Minister Piyush Goyal on Friday during his Interim Budget speech, when he said the collection for the month was expected to be at around Rs 1,03,000 crore. However, the actual numbers were released on Saturday.

The average monthly GST collection this year has been Rs 97,100 crore, as compared to Rs 89,700 crore last year.

IANS

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Business

GST collections for January expected at Rs 103,000 cr

The Goods and Services Tax (GST) collections for January have crossed the Rs 1 lakh crore mark and is expected to be Rs 103,000 crore, acting Finance Minister Piyush Goyal said on Friday.

Presenting the Interim Budget 2019-20, Goyal said the Rs 1 lakh crore barrier in average monthly collections seen over the past two years had finally been broken this January with the collection for last month expected to be at around Rs 103,000 crore.

“The average monthly GST collection this year has been Rs 97,100 crore, as compared to Rs 89,700 crore last year,” Goyal said.

In a tweet on Thursday, the Finance Ministry said the total GST collection for January last year was Rs 89,825 crore.

“There has been a significant improvement over collection of Rs 94,725 crore last month (December) and Rs 89,825 crore during the same month last year,” it said.

IANS