Dr Hasmukh Adhia

The excise cut on petrol diesel announced by FM today will become effective from midnight of today. We urge States also to announce their cut in VAT with effect from 12 midnight today, if possible, so that the consumers get full benefit of reduction immediately.

It has been a remarkable speed of economic recovery in the last 4 quarters- 6.3%, 7%, 7.7% and now 8.2%

The GDP growth rate of 8.2% for the Q1 (April-June) of fiscal year 2018-19 indicates clearly that several structural reforms introduced such as GST have started giving rich dividends.The growth in manufacturing sector (13.5%) also indicates broad based recovery of demand.

3/3 Going by this past experience of indirect taxes and the robust trend in GDP Growth, the April collection of GST indicates a very promising future for indirect tax revenue

2/3 As per the experience of last 5 years, the average collection of taxes on goods and services during April is approx 7.1% of the annual taxes as against 11% for March. April is traditionally the month of lowest monthly collection.

1/3 GST April revenue: Some people are comparing April collection figure with March which is not correct.

The number Returns filed for the month of April upto 31st May is 62.46 lakhs as against 60.47 lakhs filed for March till 30th April.

The total GST collection for May 2018 is Rs 94,016 crores, which is higher compared to average monthly collection of Rs 89,885 crores of 2017-18. This reflects better compliance after introduction of e-way bills.

2/2​What is most noticeable is the increase in the Growth Rate of GVA of Manufacturing Sector in the last two Quarters of 2017-18 at 8.5% and 9.1% at constant price. We would like to believe that GST has given a big boost to the Industrial Sector.

1/2 The constant increasing trend of quarterly GDP numbers in the Four-Quarters of 2017-18 at 5.6%, 6.3%, 7% and 7.7% indicates that the structural measures of reforms undertaken by Government is now bringing rich dividends in the form of higher GDP Growth Rate.

There is no change in existing STT regime on equity. It stays.

Asking traders and transporters to generate E-way Bill on-line and carry it, is not 'Inspector Raj'; it is just ‘’efficient use of Information Technology.” Let us all prepare for Feb 1 deadline for e-way bill for inter-State transportation of goods. @FinMinIndia

My warmest greetings to all current and past officers and staff of Directorate of Revenue Intelligence on the completion of 60 glorious years in the service of the nation. @arunjaitley @CBEC_India

3/3 The rating agency too has now confirmed it formally, which is welcome.

2/3 The path that Government has chosen for long term reforms and fiscal consolidation is well recognised by investors already.

1/3 On Moody’s upgrade of India’s rating:

He brings with him his vast experience of implementing complex IT projects. I welcome him to the Team GST of Revenue deptt.

Dr Ajay Bhushan Pande will hold charge of chairman GSTN in place of Navin Kumar who retired recently. He is DG UIDAI (Aadhar)