When finance minister Arun Jaitley resumes work at North block after almost a month-long hospitalisation in the next few days, he will be faced with a slew of pending works such as finalising the Goods and Services Tax (GST) bill. Another major initiative that the finance minister will take up after joining is smuggling on the border of Nepal and Bangladesh and overhaul of the Central Board of Excise and Customs (CBEC) – essentially to make the processes use friendly to improve upon the 'ease of doing business'.
A finance ministry official told dna, "A revised draft of the Goods and Services Tax has been finalised and is awaiting the finance minister's nod. The finance minister's approval is required before the ministry decides to keep the petrol and alcohol out of the purview of the GST." A cabinet proposal will then be introduced for the amendment of the Bill.
A major work that Jaitley will take up is empowering the customs officials stationed in the remote areas.
"A proposal is there on the finance minister's table on capacity building to counter trade based money laundering. A mechanism for better co-ordination between the investigative agencies is also in the pipeline," said the official.
As a part of the exercise, Jaitley will soon initiate work on the package of package of special facilities to motivate officers in anti-smuggling operations in remote areas. Training facilities for anti-smuggling operations, tailored to specific requirements is on the anvil, according to the finance ministry officials.
An expert committee report on CBEC awaiting Jaitley's scrutiny observes, "The CBEC should be enabled, through appropriate administrative and legal empowerment, to play a leadership role among the various border agencies to ensure proper co-ordination at the border. Ensure trade facilitation, allow greater participation of all agencies in a common risk management framework and enable the development and implementation of a single window."
Tax collection up
Gross direct tax collections during April-September of the current financial year is up by 15 percent at Rs 3,46,144 crore as against Rs 3,01,063 crore collected during the same period last year. Gross collections of corporate tax has shown an increase of 15.31 percent and stood at Rs 2,22,616 crore as against Rs 1,93,054 crore collected during the same period last year. Gross collection of personal income tax, including STT and Wealth Tax, is up by 14.37 percent and stood at Rs 1,23,528 crore as against Rs 1,08,009 crore collected during the same period last year.
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