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    Ritish Kr. Upadhyay
    Dash  ·  
    Mar 17, 2021

    FINANCIAL NEWS: Standing committee on finance pushes for govt to increase GST collections to compensate states

    in News Updates


    The standing committee on finance sought that the government should initiate all possible structural and enforcement related measures to shore up goods and service tax (GST) collections, in order to make up for the compensation requirement for states amid loss in revenue collections due to the Covid 19 pandemic. It noted, however, that collections were on the rise in recent months, it recommended in its report on demand for grants for 2021-22. The committee asked the department of revenue to further curb the menace of fake invoicing and eliminate revenue leakage. “Greater awareness about the GST structure and punitive action in case of non-compliance needs to be created among the assesses on a wider scale,” the committee headed by Jayant Sinha, added in its report presented in Rajya Sabha, Tuesday. The committee added that higher revenue would have to be generated through tighter enforcement and higher compliance given that raising tax rates would have counter-productive economic impact. For giving impetus to reducing litigation and resolving issues for small taxpayers, “a dispute resolution committee is proposed to be constituted which will be faceless to ensure efficiency, transparency and accountability,” the committee said.

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