Page 12 - Banking Finance September 2019

GST UPDATE

State Bench of GST Ap- GST collection rises Rs 1 trillion in July
pellate Tribunal to be set According to the records, the collection from the GST stood above Rs 1 trillion
in July, mainly on account of higher mop-up under the
up in Hisar integrated GST. However, CGST and SGST remained

Haryana Finance Minister has re- subdued, posing a challenge for the revenue target for
cently the financial year.
stated GST collection at Rs 1.02 trillion in the month was
that slightly more than 2% higher than the Rs 99,939 crore
the in June and 5.8% higher than the Rs 96,483 crore in July last year. Meanwhile,
state CGST collection was just Rs 17,912 crore in July, down from Rs 18,366 crore in
bench of Goods and Services Tax June.
Appellate Tribunal will be set up in
Hisar for speedy settlement of mat- Similarly, SGST collection was also lower at Rs 25,008 crore in the month against
ters related to the tax regime. Rs 25,343 crore in June. The CGST collection target was revised downwards to
Rs 5.26 trillion for the fiscal year from the Rs 6.1 trillion estimated in the In-
Earlier, the central government was terim Budget, following a 9% shortfall in collection in the previous year.
approached by the state government
with the request of constituting of “GST collection for the month, despite being more than Rs 1 trillion, would be a
the bench in Hisar. "The state bench matter of concern because this is lower than the Budget estimate. Collection
of GST Appellate Tribunal will come needs to be correlated to the economic situation,” said M S Mani, senior direc-
up in Hisar," Abhimanyu said in a tor, Deloitte India.
statement. Abhishek Jain, tax partner, EY, said, “The next uptick in collection is expected
with the launch of the new return formats and related restricted credit avail-
There are nearly 4.5 lakh registered
ability only on the matching of it with corresponding disclosures by suppliers,
GST taxpayers in the state.
"Haryana has added a new record as and verification of annual returns/audit reports submitted for FY17-18, etc.”
despite having just 1.8% of the geo- 70% duty relief to companies for settling pre-GST dis-
graphical area of the country and
2.09% of the national population, its putes with tax authorities
contribution to the national kitty of Up to 70% duty relief will be given to companies in case they settle their pre-
GST has been 4.7%," he said. GST disputes with the tax authorities, according
While, the national per capita GST to Sabka Vishwas (Legacy Dispute Resolution
collection is Rs 9,370, the state's per Scheme), 2019, which will become operational
capita GST collection stands at Rs from September and run till the end of 2019.
21,745, he stated. The collections During the Budget, Sabka Vishwas (Legacy Dispute
under GST are made under four dif- Resolution Scheme), 2019, was announced. For any case pending in adjudica-
ferent Acts, namely, Haryana Goods tion or appeal at any forum, this scheme offers a relief of 70% from the duty
and Services Tax Act, 2017, Central demand if it is up to Rs 50 lakh and 50% if it is over Rs 50 lakh.
Goods and Services Tax Act, 2017,
The same relief is available for cases under investigation and audit, where the
Integrated Goods and Services Tax
duty involved is quantified and communicated to the party or admitted by them
Act, 2017, and the Compensation to in a statement on or before June 30, 2019. In cases of confirmed duty demand,
States Tax Act, 2017.
where there is no appeal pending, the relief offered is 60% if the duty is up to
After the implementation of GST Rs 50 lakh and 40% if the duty is over Rs 50 lakh.
with effect from July 1, 2017, as The scheme’s objective is to free as many taxpayers as possible from legacy
many as 2,47,814 new taxpayers
taxes, the finance ministry said in a statement. The scheme is especially tailored
have been added to the pool of tax-
to free small taxpayers from their pending disputes, the statement said. "The
payer base of 2,02,013 under VAT
government urges taxpayers and all concerned to avail themselves of this scheme
regime.
and make a new beginning," the statement said.
12 | 2019 | SEPTEMBER | BANKING FINANCE