Suspicious transactions in GST going up: Mitra

Kolkata, Feb 25 () West Bengal Finance MinisterAmit Mitra on Tuesday said suspicious transactions relating toGST is going up, while Rs 46,000 crore is yet to be recoveredfrom penal interest charges arising out of delayed GSTR III-Bfiling.

Speaking at a CII event here, Mitra said thegovernment has gone on record in Parliament stating thatfraudulent transactions to the tune of Rs 44,000 crore hastaken place as traders failed to upload invoices.

"The GST was implemented in a haste without doing anybeta testing. This has resulted in fraudulent transactionstaking place across the country. Suspicious transactions arealso going up," Mitra said.

He said there has been an unrecovered amount of Rs46,000 crore on account of penal interest due to delayedGSTR-III-B filing by traders.

Mitra said owing to Centre's low tax collection, WestBengal will stand to lose Rs 11,000 crore which will be aheavy blow on the state's finances.

The minister alleged that the Centre has been steadilyincreasing cess and surcharges which are not passed on to thestates.

"From 2013-14 till now, the Centre has raised cessfrom six per cent to 18 per cent," he said.

On the country's economic situation, Mitra said in theGlobal 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 byWEF, India's position is 76th among 82 countries.

"These are very disturbing signals as these areimportant for sustaining investors' confidence," Mitra said.

Mitra said India's GDP growth is the lowest in 11years, employment is the lowest in 45 years while core sectorslike coal, steel and cement have posted negative growth rates.

In contrast, Mitra said, West Bengal's growth ratewas double that of the national average with better industrialgrowth.

"In fact, the country is passing through a period ofstagflation, high inflation coupled with low growth", he said. dcNN NN