Country’s economic situation is disturbing
West Bengal Finance Minister Amit Mitra is suspicious about the transactions relating to GST in the states. It is estimated that about ₹46,000 crore is yet to be recovered as interest charges from the delay in filing GSTR-3B returns . He also said that fraudulent transactions of ₹44,000 crores has been taken place as traders failed to upload invoices.
The Minister saying that the Centre has been increasing cess and surcharges at a steady pace which are not yet passed on to the states . Mr. Mitra also said in the Global Democracy Index compiled by The Economist magazine, India’s ranking has dropped by 10 places to 51st in the world. As per the Global Social Mobility Index prepared by WEF, India’s position is 76th among 82 countries. In addition to this, India’s GDP growth is the lowest in 11 years while employment is the lowest in 45 years while core sectors such as coal, steel and cement sectors have posted negative growth rates.
“These are very disturbing signals as these are important for sustaining investor’s confidence” Mr. Mitra said.