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Rs 94,000 Cr GST collected monthly across the country: Sundara Raju

Rs 94,000 Cr GST collected monthly across the country: Sundara Raju

Mysuru, Feb 26(uni) GST Commissionerate, Mysuru, Central Excise Joint Commissioner Sundara Raju said that through GST, across the country, the government has collected Rs 94,000 Cr monthly.

Speaking at a Conference on ‘Digital Transformation in Finance and Taxation' organised by Confederation of Indian Industry, Mysuru chapter on Tuesday, he said through implementation of GST, the filing of returns have been simplified. GST has come to reduce the tax rates and the processing of registration returns has been simplified.

In this scenario so many issues have come to picture particularly fake invoices and cautioned the industry to have their KYC norms in place to ensure they are dealing with Genuine vendors. He also said that, around 20,000 crore fake invoices have been detected across the country. And GSTN System helping them to trace these revenue leakages.

“Due to digitalization and automation the system will give us alerts in pop ups if there is delay in filing tax. Apart from this, the system itself will give the ranking. Now everything is going through the system, social reformation and economics reformation has to go neck to neck then only any developed country can grow and dream of digital India and Make in India will be successfully implemented” added Sundaraju.

He mentioned that till January, in Mysuru Commisionerate alone 9500 people have not filed their returns. And asked the industry to complete the compliances.

N Muthukumar, Chairman, CII Karnataka and President and Whole Time Director of Automotive Axles during his address said “India is going through fastest transformation; the vision set by government is by 2025 it should become 5 trillion economy that is third largest economy in the global and by 2030 assume 10 trillion economy, when it is telling that it has implication on every one of us. Indian need to be competitive in many more fields. In another ten years, E-vehicle going to come and many jobs in manufacturing will not be there. If we are not able to upgrade our skills from transaction expert to an analytical expert, it will be difficult to survive. Next ten years those going to use the data effectively are going to be at the top of the world.

Arjun Ranga, Chairman, CII, Mysuru chapter after briefing about what is digitization, digitilisation and digital transformation said “Digital transformation has resulted in reducing the staffs, the manpower has come down. The moment transformed data is available across the system, visibility starts to happen to finance ahead of time and planning can improve greatly. If you don’t update skills towards digitalization will not have jobs. He also mentioned that in another five years finance will be redefined and everything going to automated.

UNI BSP MSP TS1720

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