GST: Minor shortfall in central government revenue

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There is a minor shortfall in central government’s revenue following the implementation of GST, finance minister Arun Jaitley informed parliament.

He said that at the aggregate level, the states are getting their revenues including 14% growth rate over 2015-16 collections.

The government is taking various steps to check evasion as well as educate the taxpayers about the new tax regime and encourage voluntary compliance.

The steps which are being taken include introduction of e-way bill, simplification of measures for filing tax returns, steps to capture invoice details of transactions so that the same could be matched with credit taken and verification of transition credit availed by tax payers, said the minister.

The National Anti-Profiteering Authority and Standing Committee as well as State Level Screening Committees on anti-profiteering have been set up to examine the complaints of profiteering. Affected consumers may file an application, in the prescribed format, before the Standing Committee on Anti-profiteering.

To protect the interests of consumers, the government has directed manufacturers/ packers/ importers of pre-packaged commodities to declare the revised retail sale price (MRP) after implementation of GST by way of stamping or putting sticker or online printing, as the case may be, on the unsold stock manufactured/ packed/ imported in addition to the existing retail sale price (MRP) up to March 31, 2018. Use of un-exhausted packaging material/ wrapper has also been similarly allowed up to March 31, 2018 after making necessary corrections.

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