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Fraud cases of Rs 45,000 cr since implementation of GST: Mitra

Fraud cases of Rs 45,000 cr since implementation of GST: Mitra

Kolkata: State Finance minister Amit Mitra said on Thursday that incidents of fraud worth Rs 45,000 crore have taken place in the country, following the introduction of GST by the Centre.

While addressing the 'Invest Bengal Conclave' organised by CII at a city hotel, Mitra said that he would take up the issue during the GST council meeting scheduled to take place in Goa on Friday.

He also pointed out that hasty implementation of GST had horrendous consequences for the people in the state with many small scale businessmen being forced to pull down their shutters.

Referring to a written reply by a Minister of State in the Union government on the floor of the Rajya Sabha, Mitra pointed out that incidents of GST fraud worth Rs 45,000 crore have taken place. A Union minister, in response to a question in the Parliament, had issued a written reply accepting the fact, added Mitra.

He would take up the issue with the Centre while attending the GST council meeting in Goa, Mitra told the gathering. He also mentioned that many suspicious transactions have been reported following demonetisation, but remained reluctant to divulge the possible amount of such transactions.

Taking a dig at the Centre, Mitra said that the Reserve Bank of India (RBI) has lowered their growth rate projection and the export growth in the country has fallen.

"The direct tax collection growth has been standing at 5 percent in the last five and half months, when it should have achieved the 27 percent mark. Capital flight of around 5.85 billion US dollars has gone out of the country in the last 4 months," he added.

Providing statistics, Mitra said that during the period between 2009 and 2015, the figure relating to capital flight remained at 5.45 billion US dollars, whereas since 2015 till now, the capital flight has been found to be around 45 billion US dollars.

The Finance minister also subtly took on various business chambers for not highlighting the dire economic situation in the country. "Why don't you talk about what happens in India? I don't hear the industries and business houses screaming about the situation in the country. Why is everyone silent when the country's GDP is miserable?" Mitra questioned.

"Many have the habit of presenting rosy pictures about the Centre and not getting into the real condition of the country's economy," he maintained adding that despite the situation, the state government has excelled in various parameters.

Mitra bolstered his claim by telling the audience that capital expenditure in Bengal has increased 11 times in the recent past. "Bengal has secured top place among other states when it comes to the parameter of growth rate. The state's GDP growth stands at 12.58 percent, which is far above than the National average," Mitra asserted.

"Bengal government has

set a target of Rs 73,000 crore this year in MSME lending. It has collected the highest revenue in the country in the MSME sphere. No bandhs have taken place in the state in the past few years and the loss of man-days has been zero percent," he said.

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