Bihar Deputy Chief Minister and GST group of ministers of IT network Chairman Sushil Kumar Modi said in Bengaluru on Saturday that revenue collections from Goods and Service Tax (GST) was on the increase every month and traders and manufactures who attempt to profit from the latest rate cut in 200 products would face stringent action. Speaking to media after the fourth round of meeting of GoM, he said, the revenue collection from GST in October went up to Rs. 95,131 crore as against Rs. 93,141 crore earned in August. Referring to the recent cut in tax of 200 products from 28 to 18 per cent, he said, this would result in an outgo of Rs. 24,000 crore and hoped that the consumer would get the benefit. In the event of manufacturers and traders not passing on the benefit, respective States have been asked to take stringent action against them.He said, shortfall in collection by States had come down to 17.6 per cent in October as against a shortfall of 28.4 per cent recorded in August, monetarily the shortfall was Rs. 12,208 crore in August and that had come down to Rs. 7,560 crore in October. This would come further down, he anticipated. He said 17 States had reported maximum shortfall, while nine had minimum shortfall in GST collection. The GST council would compensate the loss to those States which reported a shortfall of over 14 per cent in tax collection, he said.Infosys has located resident engineers in 30 States to manage the network issues and glitches and nearly 629 Infosys engineers were involved in this huge automation task, he said adding that GoM was satisfied with the work that had been carried out by Infosys so far.Karnataka State Agriculture Minister Krishna Byre Gowda, Odissa Finance Minister Shashi Bhushan Behere, GST Network Chairman A.B.Pandey were present in the meeting
News On AIR | November 18, 2017 8:34 PM
Revenue collections from GST on increase every month: Bihar Dy CM Sushil Modi