Mukesh Ambani becomes Asia’s richest person

Reliance Industries Ltd Chairman Mukesh Ambani has surpassed Alibaba Group’s Jack Ma to become Asia’s richest person. According to Bloomberg Billionaires Index, Ambani’s wealth rose to $44.3 billion while Jack Ma’s wealth stood at $44 billion. He is the 18th wealthiest person in the world, according to Forbes. Reliance is India’s largest payer of GST and Income Tax in the private sector.

GST Diwas marked in Uttar Pradesh

The GST Diwas was marked in Uttar Pradesh with the state govt launching a scheme under which Commercial Tax department officials to contact the traders & resolve their issues. The ‘Vaanijya Kar, Aapke dwaar’ (commercial tax at your doorstep) will be implemented from July 1 to August 31. Its main aim is to stop the exploitation of the traders, & making commodities available at fair price.

July 1 to be celebrated as ‘GST Day

The government will celebrate July 1, 2018, as ‘GST Day’ to mark the first anniversary of the new indirect tax regime. Goods and Services Tax was rolled out in the intervening night of June 30 and July 1, 2017, in a ceremony held in the Central Hall of Parliament. GST binds India into an Economic Union, promotes ‘Make in India’ and has improved ‘Ease of Doing Business.

S. Ramesh appointed as Chairman of CBIC

S Ramesh has been appointed as Chairman of the Central Board of Indirect Taxes and Customs (CBIC), the apex policy-making body for indirect taxes. Ramesh, an officer of the Indian Revenue Service had mandated with the responsibility of implementing the Goods and Services Tax (GST). The CBIC, which works under the Finance Ministry, is headed by a Chairman and can has 6 members.

GST funds to be split b/w centre-state

Centre and the ‘concerned state’ will equally share the amount deposited by erring businesses in the consumer welfare fund. These funds are deposited in the national anti-profiteering authority set up as part of the GST anti-profiteering rules to penalise erring businesses. In case the customer is not identifiable, the money has to be deposited in the consumer welfare fund.

India to achieve 9% growth rate by 2022

NITI Aayog vice-chairman Rajiv Kumar has said that Indian economy will achieve 9% growth rate on sustained basis by 2022. Reforms like GST, Demonetisation and the Insolvency and Bankruptcy Code will help in achieving this ambitious target of 9%. He said that the Indian economy grew by 6.6% in 2017-18 and expected to grow at 7.5% this fiscal.

India’s growth to accelerate

Credit rating agency Fitch has said that India’s economic growth will accelerate to 7.3% in the current financial year & 7.5% in the next fiscal. Fitch said the growth rate will accelerate as money supply has recovered to its pre-demonetisation level & disruptions related to rollout of GST have diminished. Fitch has kept India’s sovereign rating ‘BBB-‘ unchanged for the 12th year in a row.

GST Council simplifies return filing process

5 : The GST Council in its 27th meeting decided on a new, simplifed method of filing GST returns, based on the recommendations of the Group of Ministers on IT simplification. All taxpayers excluding a few exceptions like composition dealer shall file one monthly return. Goods & Services Tax Council is a constitutional body & is chaired by the Union Finance Minister

GST Network to be a government body

The GST Council approved a proposal to make the GST Network (GSTN) a government body. The government will acquire the 51% stake held by private entities and subsequently, the Central Government will own 50% in GSTN and states will collectively hold the remaining 50%. Currently, a 49% stake in GSTN is held by the Government.

GST receipts cross Rs. 1 lakh cr. in April

Revenue from the Goods and Services Tax (GST) for April 2018 crossed the Rs. 1 lakh crore threshold, coming in at Rs. 1,03,458 crore. It Indicates that the indirect tax regime was stabilising and that economic revival was picking up pace. The GST was rolled out across the country on July 1, 2017.