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Lacunae in GST pushing hawala transactions: Bengal Minister (Lead)
Kolkata, June 30 (IANS) In the wake of reports of deposits by Indians soaring in the Swiss banks last year, West Bengal Finance Minister Amit Mitra on Saturday claimed hawala transactions have seen a rise due to failure of GST’s automatic digitised process.
According to the design of the indirect tax system, GSTR 1, which is a form to be filled and uplinked, represents sales value figures, while GSTR 2 forms, which represent purchase figures, are self-populated, he said.
Speaking on Facebook Live to mark one year of the Goods and Services Tax (GST) roll-out in the country, Mitra — also a member of the GST Council — said a short form GSTR 3B was introduced and that form was “not backed by invoices”.
“As a result of (GSTR 3B) not being backed by invoices, not only are we going completely manual, hawala transactions have also increased massively, according to our studies … because you are not putting invoices and there is no way to check it,” Mitra said.
Referring to soaring Indian deposits in Swiss banks, he said: “Hawala transactions have increased due to the failure of the GST’s automatic digitised process. Nobody wants to talk about it.”
According to media reports, after falling for three years in succession, money parked by Indians in Swiss banks rose 50 per cent to Swiss francs 1.02 billion in 2017 over the previous year.
“Export refunds are not happening and therefore, exports are under stress. Some three lakh refund applications are waiting (to be processed),” said Mitra who served as the Chairman of Empowered Committee of State Finance Ministers.
He alleged about Rs 2 lakh crore lying in the Central government’s coffer is still waiting to be disbursed.
“Why was Rs 2 crore held by the central government in its coffer? It should have been refunded to the people,” he said.
Mitra said his party Trinamool Congress has, in-principle, accepted the GST but said several times that the implementation is poor.
“As a member of GST council, I appealed not to implement it from July 1 last year and I said we would be in a mess. In fact, we are in a mess,” he said.
Mitra also described demonetisation as a failure. “Total cash in circulation was Rs 18 lakh crore when demonetisation took place and now, current cash in circulation is 18.7 lakh crore. But the central government talked about cash-less and less-cash (economy).”
Slamming the Narendra Modi government, he said under the present dispensation at the Centre, Rs 1.5 lakh crore of GDP was lost due to fall in the its growth and corruption increased by 67 per cent in 2016 over the previous year, as per a Central Vigilance Commission data.
He said entrepreneurship took a “backseat” as small entrepreneurs including start-ups accounted for 9 per cent borrowing to businesses earlier and the same has came down to five per cent.
According to him, gross non-performing assets in the banking soared to Rs 9.01 lakh crore in 2017-18 from Rs 2.09 lakh crore in 2013-14 and “48 per cent Jan-Dhan accounts remained in active”.
Mitra said the state’s nominal GDP increased manifold and expenditure on developmental projects rose despite a debt-burden of over Rs 2 lakh crore.
“In terms of debt services, in the current year, Rs 47,000 crore would be paid on account of interests and repayment of loans taken by the Left Front government in the state and the Centre did nothing to help West Bengal,” 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.
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