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 Rs 7.18 trn: July-Feb GST collections short of Rs 100 bn of original target The mop-up was subdued in October, November and January, and that has led to some shortfall Collections under the goods and services tax (GST) were marginally lower by some Rs 100 billion, compared to the original target set by the government for the first eight months of the roll-out of the new indirect tax.The mop-up was subdued in October, November and January, and that has led to some shortfall. Against the target of Rs 7.28 trillion for the eight months, collections stand at Rs 7.18 trillion. The target was arrived from the monthly run rate of Rs 910 billion. The run rate was, in turn, derived from the Budget Estimates and 14% indirect tax revenue growth for states for 2017-18.Of the collections under the GST, Credit Suisse estimates that collections accruing to the Centre add up to Rs 4.6 trillion. This is roughly 3.3% higher than the Rs 4.44 trillion target in the Revised Estimates for 2017-18.

CAG flags lower administrative charges collection by EPFO Government auditor CAG has detected under-realisation of administrative charges worth Rs 6.17 crore from establishments at eight regional offices of retirement fund body EPFO, according to a report.  The under-realisation was detected after test checking of records at the eight EPFO regional offices during January 2015 to March 2017 period.  "Failure of eight regional offices of Employees' Provident Fund Organisation (EPFO) to verify dues remitted by the establishments with reference to the revised rate of administrative charges on Employees' Deposit Link Insurance (EDLI) and Employees' Provident Fund resulted in short realisation of Rs 6.17 crore during the period from January 2015 to March 2017," stated a Comptroller and Auditor General (CAG) report tabled in Parliament today.  According to the report, the EPFO had revised rate of administrative charges for EDLI and EPF schemes from January 1, 201

 Risk-based capital framework for industry to benefit Irdai, says IMF The IMF has appreciated Irdai's moves over the past six to seven years, specifically in reforming insurance products The Insurance Regulatory and Development Authority of India (Irdai) must develop a sound risk-based regulatory framework for the industry and modernise its supervision and regulations on investments of insurers and the products they offer, the International Monetary Fund (IMF) has recommended. The IMF has appreciated Irdai’s moves over the past six to seven years, specifically in reforming insurance products, raising solvency levels, maintaining the independence of the regulator, cooperating with other regulators, and supervising corporate governance in insurance companies. Both the sector and the regulation of insurance are more integrated with the larger financial system, the IMF report has said, with the regulator adopting a more formal approach to solvency levels and new forms of elig

Direct tax collections surge 18% to cross Rs 10-trn mark in FY18: Jaitley Of the total ITRs filed, 67.4 million returns were e-filed Direct tax collection has grown by 18 per cent to cross Rs 10.02 trillion in the financial year ended on March 31, 2018, Finance Minister Arun Jaitley said on Tuesday He said demonetisation and GST implementation have resulted in higher formalisation of the economy which is evident from additional 10 million IT returns being filed in the previous financial year. "Direct tax collections for FY2017-18 has been Rs 10.02 trillion (18 per cent higher than previous year). The data reveals the efficiency of the tax department and rise in no. of honest taxpayers. This historical revenue receipt is a factual testimony of accountable governance under PM @narendramodi ji," Jaitley tweeted. He said the number of income tax returns filed rose to 68.4 million during 2017-18, compared to 54.3 million filed in 2016-17. This represents a 26 per cent

Sebi's F&O restrictions likely to boost dabba trading in Indian markets Regulator has proposed physical settlement of contracts in place of cash settlements The decision of the Securities and Exchange Board of India (Sebi) to tighten the derivatives framework could provide an impetus to ‘dabba trading’ — an unofficial parallel market. According to market participants, the concept of ‘product suitability’ and physical settlement can see many proprietary traders and wealthy investors shift to dabba trading. The move could revive the activity in the grey market, adversely hit after demonetisation. Dabba trading occurs in a manner similar to a stock exchange, without any regulatory oversight or tax burden. As these are unofficial trades, investors don’t have to pay the securities transaction tax or capital gains. Also, there is no need to provide know your customer (KYC) documentation. The platform was misused for money laundering and tax evasion purposes, prompting the g

E-way bill may fail to deliver the goods, fear etail firms  With days left for the rollout of the intra-state e-way bill on February 1, several logistics and ecommerce companies are seeking clarifications on the new system, fearing operational inefficiencies and supply-chain disruptions.  These companies have written to GST Council, particularly seeking clarity on a notification regarding a second layer of e-way bill generation for goods valued at less than Rs 50,000 — a range that accounts for abulk of all ecommerce shipments.  The e-way bill is an electronic permit with detailed information on the goods being transported.  “In such cases where the consignor has not generated the e-way bill, and the value of that shipment exceeds Rs 50,000, the transporter is obligated to generate e-way bill based on invoice, bill of supply, or delivery challan provided by the consignor,” the companies have said in their letter, which EThas reviewed.  Ecommerce firms fear a massive load on ope

Govt levies 10% import duty on key smartphone parts to push Make in India A 10% customs tax was also imposed on the imports of camera modules for phones and connectors India has imposed a 10 per cent tax on imports of key smartphone components including populated printed circuit boards, which are at the heart of smartphones, according to a government document. The government's move on Monday confirmed a Reuters report from last week that the country was exploring new duties on the imports of populated printed circuit boards that include components such as processors, memory and wireless chips. A 10 per cent customs tax was also imposed on the imports of camera modules for phones and connectors. The move, part of a phased manufacturing plan for lifting local production of mobile devices, is aimed at boosting Prime Minister Narendra Modi's flagship 'Make In India' drive to turn the country into a manufacturing hub, like neighbouring China. The Business Standard,