Daily Current Affairs 2020 GST conference: Officials discuss ways to plug revenue leakages, investigate fake ITC cases | Daily Current Affairs 2020

GST conference: Officials discuss ways to plug revenue leakages, investigate fake ITC cases

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The slew of measures include curbing fraud and evasion cases, checking fake or huge input tax credit claims, linking foreign exchange remittances with IGST refund and seeking bank account details of businesses to tally with their filings

The Centre and States have come together to take necessary action to streamline the Goods and Services Tax (GST) system and plug revenue leakage. These measures include curbing fraudulent refund claims, linking foreign exchange remittances with IGST refund, investigation of fraudulent Input Tax Credit (ITC) cases by the IT department, a single bank account for foreign remittance receipt, and refund disbursement, among others.  

These slews of measures were considered at the second National GST Conference of the Commissioners of State Tax and Chief Commissioners of Central Tax, which was headed by Revenue Secretary Ajay Bhushan Pandey.

This multi-faceted conference was organised to build synergy between the Centre and States, and to share their knowledge and best practices with intent to bring about uniformity in tax administrations, according to an official statement.

The conference primarily deliberated on a mechanism and machinery for disseminating inter-departmental data among various government agencies in order to achieve efficiency in curbing evasion and augment revenue collection.

The conference was attended by all Chief Commissioners of Central Tax Zones, State Commissioners of State Taxes, officials of the Central Board of Direct Taxes (CBDT), the Financial Intelligence Unit (FIU), the Directorate General of Analytics and Risk Management (DGARM), GSTN officials and field officers from enforcement wings.

Officials presented view on curbing fraud and evasion, checking fake or huge input tax credit claims and seeking bank account details of businesses to tally with their filings. The meeting also focused on bridging the compliance gap and enhancing revenue, which would result in recovering unmatched credit, reviewing refunds, management of non-filers, e-way bill linking with Fastag, linkage of Aadhaar to GST registration, reporting of electronic invoice to GST system and comprehensive and coordinated audit.

Meanwhile, in an encouraging sign, the GST collection for December came in at around Rs 1.03 lakh crore. This was the second month in a row when the GST mop-up was over Rs 1 lakh crore.

Source: Business Today

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