New Delhi: Finance Minister Nirmala Sitharaman on Saturday said the Central government is plugging the loopholes in the GST with the utilization of innovation and is progressing in the direction of eight percent growth rate.
She also said MSMEs can make a complaint if banks deny them loans without reason. Sitharaman was here to explain the Budget proposals to traders, industrialists, economists and the media.
According to her, during the last three months the GST collections have exceeded Rs 1 lakh crore. She said at the GST Council, state Finance Ministers had said that owing to loopholes tax revenue is not increasing and now that is being plugged.
The GST collections during November and December 2019 were about Rs 1,04,000 crore and Rs 1,03,000 crore respectively and in January it was Rs 1,11,000 crore, said Ajay Bhushan Pandey, Revenue Secretary.
According to Pandey, the government is taking various measures like use of data analytics, data from Income Tax filings, exports and imports and identify where taxes are not being paid.
Pointing out that there are about 1.20 crore entities registered under GST, he said red flag reports are prepared every month and SMS messages are sent to those on whom red flag reports are made.
Pandey said if the tax paid and the tax due difference is large than the taxpayers and also tax officials are notified.
