Skip to main content

GSTN to Analyse Statistics of Tax Payers Registered with GSTIN

Image
By

Three weeks into the new tax regime, the Goods and Services Tax Network (GSTN) has said that it will analyze the statistics of tax payers registered with GSTIN and give them ratings based on the data they would provide on the portal.
GSTN is the technology backbone for implementing the single producer levy, which came into effect from July 1. The company will also study tax-payer behaviour after the system has captured data for a couple of years. It will undertake studies of various kinds for the central government to help in the future planning process.
“We would also be studying trends in various sectors production types, or turnover for certain commodities such as steel or coal or anything else,“ GSTN Chairman Navin Kumar said.
The GSTN will also help the government locate tax evaders. “We will compare the data of compani es registered on our portal with those of the income tax department to find discrepancies.“
The system will alert the tax departments in case of any discrepancy between our data sets and those belonging to other tax departments, he added.
GSTN, incorporated in 2013, has 24.5% equity from the government of India, and all states, including the NCT of Delhi and Puducherry, and the empowered committee of state finance ministers, together hold another 24.5%. The remaining 51% equity is with non-government financial institutions.
In 23 days of GST's launch, the number of registered people on the GSTN is close to 78 lakh: Of them, 70,30,000 have migrated from the previous tax regime and 7,90,000 are new tax payers.
GSTN estimated 3 billion invoices on the basis of the number of invoices that were usually submitted during the VAT regime. According to its estimate, the average number of invoices generated by businesses was 127 per month. “But the range was very wide. The smallest number of invoices a company had was 10-12 a month to 28 lakh invoices a month,“ Kumar added.
The GSTN system has been designed to handle two times the expected number of invoices. Businesses can start uploading their sale and purchase invoices generated post July 1 on the GSTN portal from July 24.
The Economic Times, New Delhi, 22th July 2017

Comments

Post a Comment

Popular posts from this blog

RBI rushes in to prop up falling rupee

By
RBI rushes in to prop up falling rupee India’s central bank reportedly intervened in the currency markets on Monday to prevent a further slide in the local unit, which breached the 67 mark to a dollar for the first time in 15 months amid a widening trade gap and runaway import bills fuelled by high crude-oil prices. Some state-owned banks were seen selling dollars aggressively, interventions that market dealers attributed to the central bank’s strategy to stem the decline of the Indian rupee against the US currency. The rupee is the worst performing among a dozen Asian monetary units in the past three months. It lost 4.25 per cent to the dollar during the period, show data from Bloomberg. On Monday, the Reserve Bank of India (RBI) is said to have sold about Rs 800 million collectively on the spot and exchange traded futures markets, dealers said. An email sent to RBI remained unanswered until the publication of this report. The currency market has seen such a strong central bank interven…
Post a Comment
Read more

GST Refund of Rs 20,000 Cr Pending: Exporters’ Body

By
GST Refund of Rs  20,000 Cr Pending: Exporters’ Body Refund of over Rs 20,000 crore on account of Goods and Services Tax (GST) is pending with the government with more than half the amount stuck as input tax credit, Federation of Indian Export Organisations said on Tuesday. While claims over Rs7,000 crore were cleared in March, the amount was Rs 1,000 crore in April.However, after exporters’ request, the GST council and tax department are organizing a second phase of Special Refund Fortnight starting May 31, which will enable exporters to draw their refunds at a speedy pace. Many exporters have been unable to file the refund of input tax credit due to technical glitches, exports and claim happened in different months. The major challenge lies on ITC refund especially because the process is partly electronic and partly manual which is cumbersome and add to the transaction cost, the exporters’ body said. On IGST, refunds are getting delayed due to airline and shipping companies not submitt…
2 comments
Read more

Shrinking footprints of foreign banks in India

By
Shrinking footprints of foreign banks in India Foreign banks are increasingly shrinking their presence in India and are also becoming more conservative than private and public sector counterparts. While many of them have sold some of their businesses in India as part of their global strategy, some are trying to keep their core expertise intact. Others are branching out to newer areas to continue business momentum.For example, HSBC and Barclays Bank in India have got out of the retail business, whereas corporate-focused Standard Chartered Bank is now trying to increase its focus on retail “Building a retail franchise is a huge exercise and takes a long time. You cannot afford to lose it,” said Shashank Joshi, Bank of Tokyo-Mitsubishi UFJ’s India head.According to the Reserve Bank of India (RBI) data, foreign banks’ combined loan book shrunk nearly 10 per cent from Rs 3.78 trillion in fiscal 2015-16 to Rs 3.42 trillion last financial year. The banking industry, which includes foreign banks…
Post a Comment
Read more