Skip to main content

PM to States: Set up teams to boost GST registrations

By
PM to States: Set up teams to boost GST registrations
Prime Minister Narendra Modi has asked all states to form special teams and carry out drives to increase the number of traders registered under the goods and services tax.

He gave the instructions at a PRAGATI (Pro-Active Governance and Timely Implementation) meeting with top central and state officials on August 30 where he reviewed the progress of GST registrations.

According to officials, the PM told states that the teams should go out and guide traders who have to register under the GST regime. He said the exercise should be completed in 15-20 days.

The meeting took place a day after the government released a statement saying 13.8 lakh taxpayers out of a total of 72.33 lakh are yet to complete procedural formalities to migrate to GST Network (GSTN).

The statement said 58.53 lakh taxpayers have already migrated to GSTN. “The number of new taxpayers who have registered with the GSTN up to 29 August is 18.83 lakh,” it said.

In a PRAGATI meeting on July 12, Modi asked state chief secretaries to implement GST registration by August 15. He had also directed Cabinet Secretary PK Sinha to monitor the process.

At the August 30 meeting, the PM praised the “team of government of India and states/UTs” for the “good work” in the implementation of GST, officials said. The PM, however, urged states to use more technology for smoother functioning and implementation of GST, which was rolled out on July 1.

PM reviews government e-marketplace

Modi also reviewed his other pet project — Government e-Marketplace (GeM) — at the PRAGATI meeting and asked states to “make active use” of the e-commerce portal for procurement and submit a report to the cabinet secretary by September 20 on the status of adopting the platform.

The Economic Times, New Delhi, 04th September 2017

Comments

Post a Comment

Popular posts from this blog

RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

By
  India's digital lending infrastructure has made the loan sanctioning system online. Yet, loan recovery still needs a “feet on the street” approach, Swaminathan J, deputy governor of the Reserve Bank of India, said at a media event on Tuesday, September 2, according to news agency ANI.According to the ANI report, the deputy governor flagged that fintech operators in the digital lending segment are giving out loans to customers with poor credit profiles and later using aggressive recovery tactics.“While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending small-value loans to customers often with poor credit profiles,” Swaminathan J said.   Fintech platforms' business models The central bank deputy governor highlighted that many fintech platforms' business models involve providing sm
Post a Comment
Read more

Credit card spending growth declines on RBI gaze, stress build-up

By
  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the rep
Post a Comment
Read more

India can't rely on wealthy to drive growth: Ex-RBI Dy Guv Viral Acharya

By
  India can’t rely on wealthy individuals to drive growth and expect the overall economy to improve, Viral Acharya, former deputy governor of the Reserve Bank of India (RBI) said on Monday.Acharya, who is the C V Starr Professor of Economics in the Department of Finance at New York University’s Stern School of Business (NYU-Stern), said after the Covid-19 pandemic, rural consumption and investments have weakened.We can’t be pumping our growth through the rich and expect that the economy as a whole will do better,” he said while speaking at an event organised by Elara Capital here.f there has to be a trickle-down, it should have actually happened by now,” Acharya said, adding that when the rich keep getting wealthier and wealthier, they have a savings problem.   “The bank account keeps getting bigger, hence they look for financial assets to invest in. India is closed, so our money can't go outside India that easily. So, it has to chase the limited financial assets in the country and
Post a Comment
Read more