The anti-profiteering authority set up to look into complaints of profiteering from the goods and services tax has so far received 169 complaints alleging that suppliers of goods/ services have not passed on the GST benefits to customers.
Legal metrology department is also separately dealing with violations of its circular related to revision of MRP (maximum retail price) provisions following implementation of GST, the government informed the Lok Sabha in reply to a requisition on Friday.
NO LOAN WAIVER
The government said there was no proposal to waive off loans of corporates, and banks are advised to resolve stressed accounts speedily or start insolvency proceedings case by case.
“No proposal for waiver of corporate loan is under consideration of the government,” minister of state for finance Shiv Pratap Shukla said in a written reply to the Lok Sabha.
Since the enactment of Insolvency Bankruptcy Code, 2016, 2,434 fresh cases have been filed before the National Company Law Tribunal (NCLT) by November 30. In addition, 2,304 cases of winding up of companies have been transferred from various high courts.
Out of these, 2,750 cases have been disposed of, and 1,988 cases were pending as on November 30, the finance ministry said in reply to a question in Rajya Sabha. The RBI had directed some banks to refer 12 accounts, with fund and nonfund based outstanding amount greater than Rs 5,000 crore and with 60% or more classified as non-performing as of March 31, 2016, to initiate insolvency process under the Insolvency and Bankruptcy Code, 2016. These 12 accounts constituted about 25% of the gross NPAs of the banking system.
GST REVENUE LOSS
The states’ combined loss from the GST implementation was estimated at Rs 24,500 crore for July-October period. The Centre has compensated the states for the loss, the finance ministry said in reply to a question in Parliament.
Karnataka got maximum compensation from the Centre at Rs 3,271crore, followed by Gujarat at Rs 2,282 crore and Punjab at Rs 2,098 crore.
Other states that received sizeable compensation include Rajasthan (Rs 1,911 crore), Bihar (Rs 1,746 crore), Uttar Pradesh (Rs 1,520 crore), West Bengal (Rs 1,008 crore) and Odisha (Rs 1,020 crore).
The government is in favour of an independent regulator to oversee compliance with accounting and auditing standards as well as for oversight of audit professionals, Parliament was informed on Friday.