The man at the centre of the government’s mega tax reform, Finance Secretary Hasmukh Adhia, shares with Dipak Mondal his experience of seeing through the one year of GST.
What kind of tax buoyancy have you seen because of GST? Experts say GST collection figures do not mean much unless the government comes out with relevant comparative figures.
That comparative figure is given in Mr. (Arun) Jaitley’s blog. We have compared the nine-month (2017/18) GST collection with the pre-GST period. The growth rate is 12 per cent annualised. We have compared that with taxes subsumed within GST. The tax buoyancy is not much. We need to keep watching.
How has GST data helped boost direct tax collections? We hear that advance personal income tax collections in the first quarter have gone up 44 per cent. How much of that is due to GST?
It is difficult to ascertain how much of this growth is due to GST. But it is a result of all anti-black money measures that the government has taken, including GST. GST is also supposed to improve direct tax compliance.
GST would throw up enormous data. Does the government have the analytical capacity and the manpower to use it meaningfully? How do you think GST data would help in fight against black money?
We have the capability. We have an entire company— GSTN—for that. So, whatever data analytics we want, they can produce it. But all this data analytics is to check tax evasion. We don’t share this data with anyone.
Reverse charge mechanism, tax collected at source (TCS), etc, have been getting postponed for quite some time. Why don’t you withdraw these provisions for good, giving some certainty to taxpayers?
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A Man of Multitudes
IN A NEW BOOK, CAPTAINS OF INDIA INC. AND OTHERS PAY TRIBUTE TO RAHUL BAJAJ, THE TITAN OF INDIAN INDUSTRY
HOUSE OF THE RISING SUN
WITH THE GOVERNMENT OFFERING SUBSIDIES UNDER THE PM SURYA GHAR MUFT BIJLI YOJANA, MANY HOUSEHOLDS HAVE TAKEN A SHINE TO SOLAR ROOFTOP PANELS. BUT HOW MUCH DO THEY COST?
FROM GREY TO GREEN
WITH THE CLIMATE CRISIS BECOMING MORE ACUTE, GREEN HYDROGEN COULD BE AN IMPORTANT SOLUTION
ECO CHAMBER
DATA CENTRES ARE A VERY VITAL PART OF THE DIGITAL TRANSFORMATION THAT IS UNDERWAY, BUT THERE'S A PROBLEM: THEY CONSUME TOO MUCH ENERGY. AS DEMAND FOR SUCH CENTRES INCREASES IN INDIA, IT HAS NO OPTION BUT TO EMBRACE GREEN SOLUTIONS
THE GREEN BARRIER
THE EU'S CARBON BORDER ADJUSTMENT MECHANISM COULD MAKE INDIAN EXPORTS UNCOMPETITIVE, UNLESS EFFORTS TO REDUCE CARBON EMISSIONS ARE ACCELERATED
HUMANISING SUSTAINABILITY
THERE IS A NEED TO MOVE BEYOND INDIVIDUAL WELL-BEING AND FOSTER A SENSE OF INTERCONNECTEDNESS AND SOLIDARITY
DE-RISKING THE BOOKS
INDIAN BANKS ARE BEGINNING TO TAKE BABY STEPS TOWARDS ADDRESSING CLIMATE-RELATED FINANCIAL RISKS IN THEIR BOOKS. BUT THEY MUST PUT THEIR FOOT ON THE PEDAL AND ENHANCE PREPAREDNESS
PAYING FOR CHANGE
WITH EXTREME WEATHER INCREASINGLY PUTTING THE COUNTRY AND ITS ECONOMY AT RISK, INDIA SHOULD EXPLORE CLIMATE FINANCE PATHWAYS TO FUND ITS NET-ZERO JOURNEY TOWARDS A GREENER FUTURE
BEYOND THE BLIP
ESG HAS BEEN UNDER SCRUTINY GLOBALLY AMID ALLEGATIONS OF GREENWASHING AND RECORD REDEMPTIONS FROM ESG FUNDS. BUT THAT MAY JUST BE ONE SIDE OF THE STORY, SINCE SUSTAINABLE PRACTICES HAVE BECOME CORE COMPONENTS OF COMPANIES' STRATEGIES
PROFITING FROM ESG
INITIALLY DRIVEN BY REGULATORY COMPLIANCE REQUIREMENTS, BUSINESSES ARE INCREASINGLY VIEWING ESG AS A TOOL TO ENHANCE PROFITABILITY. BUT THERE IS STILL A LONG WAY TO GO