Nitin Sethi Profile picture
Oct 2, 2018 7 tweets 3 min read Twitter logo Read on Twitter
#GST thread. Stay with me: This govt wont share real GST data. Instead we fall for its stupid press releases every month. They mean near zilch. This is what the central govt has really collected by August. Net of refunds and settlement - the only way GST nos should be read.
It is erroneous to merely compare total Rs 1 lakh per month target for states+centre with press releases which do not account for how IGST was settled each month. So, these cant tell what the Centre really got. This table shows how erratic IGST settlement has been.
Then you got to look at states and their revenue separately. Here is a chart of how state revenues are doing. After a year some are doing quite badly. Why? Ask.
My colleague @ishan_83 and I have been trying to understand GST for months and periodically share what we learn from filing RTIs and sourcing data that the Union govt refuses to share. See how the govt internally measures the gap in in its collections
Why is that the govt will not share this data with the public? Why should one need to file an RTI for it or source it discreetly? Why is it that we have not asked it to strongly enough so far? Why do we fall for the same press release tricks each time?
There is a cost all of us as citizens shall pay for the govt falling short of its GST revenues. The govt will have to fill this hole up somehow. Like keeping petrol prices high or selling one PSU to another etc.
How good is GST compliance compared to the targets? Why is it REALLY lagging? What kind of evasion tactics have been developed by unscrupulous businesses? Those are the questions we must find answers to next. End

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More from @nit_set

Sep 8, 2018
#thread i remembered there was a colour to the memories of those years. There were so many people who brought the depth of that colour to my life. Pulled a very few of them out.
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Aug 23, 2018
#Thread on #NPAs. Stay with me.

RBI revealed this in an RTI: At the end of March 2018, a record high 7,990 borrowers of above Rs 5 crore had not repaid a whopping Rs 3.71 lakh crore to banks for 1-30 days after due date. That is a four-year high record of early defaulters! 1/n
2/n. These early defaults rose by a record 281.9 per cent over December 2017 when they stood at only Rs 972 billion . On a year-on-year basis, the rise is almost 228 per cent - the highest growth of early stage overdue repayments in 4 years.
3/n. More than 5,000 of these 7,990 were new and unique early defaulters of loans above Rs 5 crore. What does this number tell us? We have been told that all bad loans are of UPA era. This number tells us that Modi govt might be brewing its own banking crisis as well.
Read 9 tweets
Jul 12, 2018
Thread on #InstituteofEminence and the #Jio drama. Stay with me till the end, if you can pls.

1. How do we define Crony Capitalism? When the govt makes rules that favour a few and gives these few an unfair (but, by virtue of these crafted rules, now legal) advantage over others.
2. What was the govt's idea behind #InstituteofEminence? To unshackle higher education from UGC's regulations and monitoring.

Why? Coz govt believes these UGC regulations are bureaucratic, cumbersome and hold higher education institutes from delivering with flexibility
3. Then, why not just wait and unshackle all of them? Why select only 5 running institutes to be free and another non-existent one to develop free of regulation?
Read 12 tweets
Mar 27, 2018
Thread #ChipkoMovement 1/n: The movement began as a protest by both men and women of Reni and Lata village in Chamoli district of Uttarakhand asking for their rights over lands and forest resources, including rights to be the labour that harvests the timber.
#ChipkoMovement 2/n: It was a movement to control land, forest and labour resources. It was later given this 'save the environment' hue to suit other interests and narratives. In fact one of its key leaders in the Chamoli hills came from the and was not of the Gandhian views.
#ChipkoMovement 3/n: Other leaders and interests from middle hills got involved much later to stretch the movement into something else. This included timber merchants that had lost timber harvest contracts.
Read 11 tweets

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