The revenue from the Goods and Services Tax has slipped by over ₹2,500 crore — to a 19-month low in September — and is showing no signs of recovery due to a massive tax fraud and overall “flaws in the system”, indicated West Bengal Finance and Industry Minister Amit Mitra in a letter to Union Finance Minister Nirmala Sitharaman. Mr. Mitra wrote the letter on Monday.The GST revenue slipped from ₹94,442 crore in September 2018 to ₹91,916 crore in September, 2019 — a drop of ₹2,526 crore. Highlighting the drop, Mr. Mitra argued that this “probably is the first time that monthly collections have been at an all-time low”. This collection, Mr. Mitra noted, is “even lower than the collection for July 2017, which was ₹92,283 crore”.“Though it has picked up slightly in October with ₹95,380 crore, it is still 5.29% below the collection of October 2018 which was ₹1,00,710 crore,” Mr. Mitra said. He underscored that despite his repeated warnings about “GST fraud and the flaws in the system… no discussion was held on this issue in the last GST Council meeting”. In his two-page letter, Mr. Mitra pointed at the problem of fake input tax credit that manufacturers and in turn dealers are entitled to for paying input taxes. He indicated that a network of fake ITC was snowballing in the country and yet “we continue to work in silos”.“A few days ago, Odisha SGST authorities detected a fraud worth ₹138 crore”, while in September searches carried out “in 336 locations across 15 States detected fake ITC worth ₹740 crore”. One person in Mumbai with credit of ₹93 crore and another person in a case worth ₹127 crore were arrested since September, Mr. Mitra noted. “Each and every State and the Central GST authorities are continually detecting fake invoices and absentee registered tax payers,” he wrote.No task force Since fake ITC means a loss of tax as it is “not backed by transaction in goods or services in reality”, such leakages are contributing to the “falling revenue trend,” Mr. Mitra noted. He regretted that “no task force [was] set up” to deal with the fraud as suggested by him earlier.
Photo by Mark Giongco/INQUIRER.netJoshua Pacio is likely on his way to a title shot if he goes on to hurdle his Chinese opponent Min Qiang Lan in the co-main event of ONE: Global Superheroes on Friday.But as much as the Filipino strawweight contender wants to get his hands on the gold, he doesn’t want to get ahead of himself especially with a big bout coming up against a dangerous opponent.ADVERTISEMENT NEXT BLOCK ASIA 2.0 introduces GURUS AWARDS to recognize and reward industry influencers Read Next Brace for potentially devastating typhoon approaching PH – NDRRMC Kammuri turning to super typhoon less likely but possible — Pagasa Injured Nadal out of Australian Open; Cilic into semifinals LATEST STORIES Typhoon Kammuri accelerates, gains strength en route to PH Slow and steady hope for near-extinct Bangladesh tortoises 2 ‘newbie’ drug pushers fall in Lucena sting Globe Business launches leading cloud-enabled and hardware-agnostic conferencing platform in PH “Of course, I want the belt but for me, right now, I’m not thinking about getting a title shot just yet,” Pacio told INQUIRER.net in Filipino on Tuesday.“I still need to gain more experience for me to get to the level of champions,” he added.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSLillard, Anthony lead Blazers over ThunderSPORTSMalditas save PH from shutoutPacio is supposed to fight Pongsiri Misatit, but the Thai was forced to withdraw due to an injury.ONE announced the opponent change on Friday, giving Pacio’s camp less than two weeks to adjust their game plan. Don’t miss out on the latest news and information. ONE CEO believes Joshua Pacio won the fight PLAY LIST 00:52ONE CEO believes Joshua Pacio won the fight04:36Joshua Pacio is the new ONE Strawweight world champion00:50Trending Articles01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City MOST READ View comments John Lloyd Cruz a dashing guest at Vhong Navarro’s wedding But Pacio isn’t concerned with the sudden change.“I’m not worried because fighters in the international stage are expected to cope up with the changes and that’s how fighters’ mentality should be,” Pacio said.Pacio said there are similarities between his initial foe and replacement in terms of their strengths which is striking, but added that Lan is the more lethal striker than the two.“We saw a video of one of Lan’s fights and he’s better than Pongsiri in striking so I prepared really hard in training and that’s what I’m going to showcase on Friday.”ADVERTISEMENT