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Fall in February GST collection temporary, E-way bill to give boost: Experts
New Delhi, March 27 (IANS) The fall in the Goods and Services Tax (GST) collection in February is a temporary phase and the upcoming ‘E-way’ bill is expected to give a boost to the indirect tax revenues, economy watchers said on Tuesday.
According to the Finance Ministry on Tuesday, the total revenue received under GST for February 2018 up to March 26 has been Rs 85,174 crore from January’s Rs 86,318 crore.
“It will take more time in stabilisation of GST regime before economy starts realising benefits of GST. Reform measures announced in last GST council meeting of introduction of E-way bill are likely to plug in leakages and improve collections,” Devendra Kumar Pant, Chief Economist, India Ratings and Research told IANS.
M.S. Mani, Partner, Deloitte India said that GST collections appear to be entering the “stabilisation phase”, although the expected revenue garnering appears to be taking more time.
“It would be logical to assume that significant amount of transition credits availed would now have been utilised, hence the collections would now progressively improve,” Mani said adding that the fall in revenue collection would lead to several anti-evasion measures, and “over and above the imminent e-way bill launch on 1st April”.
Abhishek Jain, Tax Partner, EY India said: “The next big hope for the government would be introduction of E-way bills with effect from April 1, which may provide a boost to GST collections.”
Aditi Nayar, Principal Economist at ICRA said: “While the aggregate GST collection has recorded a sequential dip…, the daily average GST inflows adjusted for the fewer number of days in February relative to January, recorded a healthy uptick in the just-concluded month, which is an encouraging sign.”
Abhishek A Rastogi, Partner, Khaitan and Co said : “There are still few days left in the month of March and that the assessees are also facing the burden of direct tax payments in the form of advance tax and TDS. The situations of late GST payments cannot be ruled out.”
“The collections are expected to increase in March 2018 after composition dealers will be filing their quarterly returns,” he added.
–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.