Skip to main content

GST : Centre, states to divide taxpayer base

By
GST : Centre, states to divide taxpayer base
The Goods and Services Tax (GST) Council has put in place an elaborate framework for division of taxpayers between the state and central tax authorities, in a move aimed at bringing clarity and effectiveness in the administration of the new indirect tax regime.
The guidelines for the division of the taxpayer base between the Centre and states will ensure that a taxpayer faces only one GST authority – either the Centre or the state. "The list of taxpayers will be made public," said an official, adding that this would clear the air for not just the taxpayers but also the tax authorities.
The division will also clearly fix the responsibility for raising awareness about GST, with bulk of small traders falling within the jurisdiction of states.
According to the rules issued, 90 per cent of the assesses with a turnover of less than Rs 1.5 crore will be under the administrative control of states and the balance 10 per cent will be under the Centre. In the case of all taxpayers with turnover of over Rs 1.5 crore, the division will be 50:50.
The division of taxpayers at each state level will be done randomly by a computer using stratified random sampling to ensure there is no cherry-picking or selection or exclusion for some other reason or consideration.
However, the selection could take into account geographical considerations and the type of taxpayer as may be mutually agreed.
The government has already set up state-level committees of central and state officials who will take forward the process of dividing taxpayers. Separately, the government will also notifications to cross-empower state and central tax officials.
The Economic Times, New Delhi, 22th September 2017

Comments

Post a Comment

Popular posts from this blog

Household debt up, but India still lags emerging-market economies: RBI

By
  Although household debt in India is rising, driven by increased borrowing from the financial sector, it remains lower than in other emerging-market economies (EMEs), the Reserve Bank of India (RBI) said in its Financial Stability Report. It added that non-housing retail loans, largely taken for consumption, accounted for 55 per cent of total household debt.As of December 2024, India’s household debt-to-gross domestic product ratio stood at 41.9 per cent. “...Non-housing retail loans, which are mostly used for consumption purposes, formed 54.9 per cent of total household debt as of March 2025 and 25.7 per cent of disposable income as of March 2024. Moreover, the share of these loans has been growing consistently over the years, and their growth has outpaced that of both housing loans and agriculture and business loans,” the RBI said in its report.Housing loans, by contrast, made up 29 per cent of household debt, and their growth has remained steady. However, disaggregated data sho...
Post a Comment
Read more

External spillovers likely to hit India's financial system: RBI report

By
  While India’s growth remains insulated from global headwinds mainly due to buoyant domestic demand, the domestic financial system could, however, be impacted by external spillovers, the Reserve Bank of India (RBI) said in its half yearly Financial Stability Report published on Monday.Furthermore, the rising global trade disputes and intensifying geopolitical hostilities could negatively impact the domestic growth outlook and reduce the demand for bank credit, which has decelerated sharply. “Moreover, it could also lead to increased risk aversion among investors and further corrections in domestic equity markets, which despite the recent correction, remain at the high end of their historical range,” the report said.It noted that there is some build-up of stress, primarily in financial markets, on account of global spillovers, which is reflected in the marginal rise in the financial system stress indicator, an indicator of the stress level in the financial system, compared to its p...
Post a Comment
Read more

Retail inflation cools to a six-year low of 2.82% in May on moderating food prices

By
  New Delhi: Retail inflation in India cooled to its lowest level in over six years in May, helped by a sharp moderation in food prices, according to provisional government data released Thursday.Consumer Price Index (CPI)-based inflation eased to 2.82% year-on-year, down from 3.16% in April and 4.8% in May last year, data from the Ministry of Statistics and Programme Implementation (MoSPI) showed. This marks the fourth consecutive month of sub-4% inflation, the longest such streak in at least five years.The data comes just days after the Reserve Bank of India’s (RBI) Monetary Policy Committee cut the repo rate by 50 basis points to 5.5%, its third straight cut and a cumulative reduction of 100 basis points since the easing cycle began in February. The move signals a possible pivot from inflation control to supporting growth.Food inflation came in at just 0.99% in May, down from 1.78% in April and a sharp decline from 8.69% a year ago.A Mint poll of 15 economists had projected CPI ...
Post a Comment
Read more