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GST revenue in 2018-19 to grow at 14-16%: SBI Ecowrap
New Delhi, March 5 (IANS) Describing recent speculation on GST collection targets for the current and next fiscals as being “overtly aggressive”, state-run State Bank of India on Monday estimated that the Goods and Services Tax collection for 2018-19 would grow at a rate of 14-16 per cent, bringing it closer to the decadal growth rate in indirect taxes of just under 14 per cent.
In an SBI Ecowrap report titled “The Arithmetic of GST Collections”, Chief Economist Soumya Kanti Ghosh noted that the speculative collection target pegged at Rs 7.4 lakh crore is 67 per cent higher than the revised estimates (RE) for the financial year 2017-18.
Noting that GST receipts during the current fiscal will only be for 9 months as the new indirect tax regime was implemented from July, and factoring in the assumption that Integrated GST (IGST) should be equally shared between the Centre and states, the report said that “GST for financial year (FY) 2019 (9 months’ estimates) thus comes to 15.8 per cent”.
“If we take 8 months’ estimate, the growth rate further reduces to 13.5 per cent. Thus, the GST collections growth rate for FY19 comes to around 14-16 per cent, that is similar to the decadal gross tax revenue growth rate at 13.9 per cent.”
“There have been several speculations in public domain that the GST collections in current fiscal and budget estimates for FY19 are overtly aggressive, but these are flawed,” Ghosh said.
“The target for GST is pegged at Rs 7.4 lakh crore that is 67 per cent higher than FY18 RE. However, under the new GST regime, the last date for filing of GST returns is 20th of the succeeding month, even on the last day of the financial year.
“This means that the GST receipts during the current year will only be for 9 months as GST was implemented in July. Hence any analysis needs to take this into account when considering this growth.”
Referring to the “wild speculation” in the public domain that the IGST figures are taken in their entirety without separating the share of the states, Ghosh said: “This is wrong, as the data of GST collections show that gross IGST collections are going to touch around Rs 4.01 lakh crore in FY18, of which 60 per cent has been transferred to states and rest Rs 1.61 lakh crore are shown in FY18 revised estimates.”
“However, IGST collections of Rs 4.01 lakh crore should be equally split between the Centre and states. If that happens, then the extra 10 per cent will get transferred to the Centre leading to upward revision of FY18 estimates,” he added.
SBI said the country’s gross tax revenue is expected to grow by 16.7 per cent in the next fiscal to Rs 19.1 lakh crore, which estimate is supported by a “10.2 per cent growth in corporation tax and 20.4 per cent rise in personal income tax”.
“It seems that the revenue targets of the government for FY19 are reasonable,” the report concluded.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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