Effective implementation of GST is complementary to development: MRPL MD Venkatesh
Mangaluru, July 1: MRPL Managing Director M Venkatesh said that the effective implementation of the Goods and Services Tax (GST) would ensure the revenue growth of the country and it would boost the development.
Inaugurating the first anniversary of GST implementation at the Divisional GST Commissioner’s office here on Sunday, he said that in terms of reformation of the tax system in the country, introduction of the GST was a landmark decision. This has caused various changes. It was an important decision to ensure transparency in tax collection from the bottom level. The revenue of the country would also increase with the effective tax policy, he opined.
‘GST got good response in coastal region’
Mangaluru Divisional GST commissioner Subramanyam said that after the implementation of the GST, the Mangaluru Division of the GST which includes Udupi, Dakshina Kannada and Uttara Kannada districts, has got a good response. In the first year, total 11,295 tax payers had paid GST and in this financial year, 12,943 persons have registered to pay the tax.
In the Mangaluru Commissionerate, total Rs 1,952.10 crore tax was collected during 2016-17 and in 2017-18 financial year, Rs 561.94 crore was collected so far. There was a short-fall in total tax collection this year because of the fluctuation in paying the tax by the MRPL is the major tax payer in the coastal region. But there was an increase in total number of tax payers. As there was provision to get some relaxations even after paying the tax under GST, the GST Commissionerate was planning to refund the excess amount to the tax payers, he said.
In this federal system, total 17 tax systems were merged in the GST and being implemented and it was an important decision taken to reform the tax system. Though one year was passed after introducing the GST, there were some technical problems. Apart from that, it has got good response, Subramanyam said.
As part of the GST anniversary, some officers who have shown exemplary work in one year in Mangaluru Commissionerate level were felicitated on the occasion.
Additional Commissioner Imamuddin Ahmed, Assistant Commissioners Sreyas and Ramakrishnaiah were present.
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Sensex, Nifty nosedive over 5 percent in early trade in tandem with global markets meltdown
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Mumbai (PTI): Stock market benchmark indices went into a tailspin in early trade on Monday, with the Sensex and Nifty crashing over 5 percent, mirroring a sharp fall in global equities, after US President Donald Trump's tariff hikes and retaliation from China fanned fears that a full-blown trade war will impact economic growth across the globe.
The 30-share BSE benchmark Sensex crashed 3,939.68 points or 5.22 percent to 71,425.01 in early trade. The NSE Nifty tumbled 1,160.8 points or 5.06 percent to 21,743.65.
All the Sensex firms were trading in the negative territory. Tata Steel dropped over 8 percent, followed by Tata Motors which cracked more than 7 per cent. HCL Technologies, Tech Mahindra, Infosys, Larsen & Toubro, Tata Consultancy Services and Reliance Industries were the other big laggards.
In Asian markets, Hong Kong's Hang Seng tanked nearly 11 percent, Tokyo's Nikkei 225 plunged nearly 7 percent, Shanghai SSE Composite index dropped over 6 percent and South Korea's Kospi index sank 5 percent.
US markets ended sharply lower on Friday. The S&P 500 plummeted 5.97 percent, Nasdaq composite slumped 5.82 percent and the Dow tumbled 5.50 percent on Friday.
"Both China and Japan index declined by 10 percent and 8 percent, respectively. This escalates the stakes in the ongoing trade war and raises concerns about a potential global recession that could affect everyone. On Friday, the US S&P 500 dropped by 6 percent, and the Dow Jones fell more than 2,000 points, marking its worst week since the COVID-19 crisis. This came after China announced it would impose reciprocal 34 percent tariffs on all US imports starting April 10," Vikas Jain, Head of Research at Reliance Securities, said.
The sharp increase in tariffs by both the US and China could lead to higher inflation, slower global growth, and intensify trade tensions, he added.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,483.98 crore on Friday, according to exchange data.
Global oil benchmark Brent crude dropped 2.74 percent to USD 63.78 a barrel.
On Friday, the Sensex tumbled 930.67 points or 1.22 percent to settle at 75,364.69. The Nifty declined 345.65 points or 1.49 percent to close at 22,904.45.
Last week, the Sensex tanked 2,050.23 points or 2.64 percent, while the NSE Nifty declined 614.8 points or 2.61 percent.
