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Budgetary exercise to kick-start from Oct 16

The budget will have to address critical issues pertaining to growth contraction and subdued revenue collection triggered by the COVID ...
The Economic Times
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| 02 October, 2020, 12:05 AM IST | E-Paper
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    At Rs 40,072 cr, govt's external financing jumps 5-times till August: Care Ratings

    According to data released by the Controller General of Accounts earlier on Wednesday, fiscal deficit during April-August stood at 109.3 per cent of the annual target. This was 57 per cent higher than the corresponding period last year. In absolute terms, fiscal deficit -- which is the gap between expenditure and revenue -- stood at Rs 8,70,347 crore.

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    • The government has settled Rs 18,216 crore to CGST and Rs 14,650 crore to SGST from IGST as regular settlement.

      No such relaxation would be available for the invoices issued from November 1, 2020 and such invoices would be considered invalid, inviting penalties. Industry has been seeking voluntary e-invoicing till January 1, 2021, and make it mandatory post this limit, so as to reduce compliance burden.

      Last year, the CBIC had detected several cases of firms availing credit fraudulently through refund of Integrated Goods and Services Tax on exports of goods. To mitigate the risk, the CBIC has taken measures to apply stringent risk parameters based checks, and the consignment of such exporters in risky category are subject to 100% Customs examinations and their refunds were kept in abeyance.

      Accounting for a decline in the states’ own tax revenue, combined with the likely loss in state goods and services tax (SGST), the expected drop in revenue from the Centre and the additional expenditure by the states, their total expected loss stood at Rs 6.2 lakh crore for FY21, the SBI report said.

      Tax assessments for 2016-17 were completed by December 31, 2019 when it became time-barred. But in cases where tax returns were not picked up for scrutiny, or where new evidence has emerged, the persons concerned are being told to produce documents to show the source of cash that was held in banned Rs 500 and Rs 1,000 bills.

      "During the previous month, a large number of taxpayers also paid taxes pertaining to February, March and April 2020 on account of the relief provided due to COVID-19," the finance ministry said in a statement Saturday.

      Acting on specific intelligence searches were conducted at various places in Kota and Nagaur on July 17, 2020 including the factory, trading firms, godowns, secret offices and residences of beneficiaries, the ministry of finance said in a statement Wednesday.

      As on date, 7,516 exporters are in the 'risky exporter' list. Out of them, for 2,830 exporters' IGST refund /drawback worth Rs 1,363 crore is suspended. The official further said the government has received adverse reports in respect of 2,197 risky exporters and as many as 10 'star exporters' have claimed Integrated Goods and Services Tax (IGST) refunds.

      The CBIC said the feedback received from trade and field formations on this indicated that the initiative has helped in speeding up passing of adjudication and appellate proceedings, saving cost of travel and time, and critically ensuring social distancing in these challenging times. This initiative would facilitate all stakeholders such as suppliers under GST, importers, exporters, passengers, advocates, tax practitioners and authorised representatives.

      Of the Rs 90,917 cr revenue, CGST stood at Rs 18,980 crore, SGST at Rs 23,970 crore and IGST at Rs 40,302 crore, which included Rs 15,709 crore collected on import, the Finance Ministry said in statement.

      The app, launched on Monday in over 500 CGST and Customs offices across India, will ensure speedier decision making, transparency, accountability, faster disposal of cases while enabling enhanced security as no file or document can be altered or destroyed or backdated.

      The High Court in a ruling on Thursday, however, asked the revenue department to consider the representations made by the petitioners in this regard. Indenting agents of foreign clients had filed a writ petition in the Gujarat High Court challenging the applicability of 18 per cent IGST on export services.

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