Govt sets up committee to look into GST revenue shortfall
PrintListen to this Article
"The committee of officers from the centre and the states is required to suggest steps to be taken to improve revenue," GST Council Secretariat notified on Thursday.
The panel has been formed by the GST Council to look into revenue shortfall being faced by the states post implementation of the Goods and Services Tax (GST).
The 12-member panel, which will have five members from Centre and States each, will submit its first report within 15 days to the GST Council Secretariat. The committee has Commissioners from state GST council of Maharashtra, Tamil Nadu, Uttar Pradesh, West Bengal, Punjab along with Joint Secretary & Executive VP of GST Council.
The committee has been tasked with suggesting measures to boost GST collections, to make businesses comply with GST voluntarily, ways to better administrative coordination.
The committee will look into issues such as systematic changes in GST to prevent misuse, measures for expansion of tax base, improved compliance monitoring and anti-evasion measures using better data analytics and better administrative coordination.
It will also suggest measures to improve voluntary compliance, policy measures and relevant changes in the law.
"Any other states which would like to join the committee may volunteer by writing to the GST Council Secretariat," GST Council stated. #casansaar (Source - PTI, Business Today)
Category : GST | Comments : 0 | Hits : 616
TEST
Dear Taxpayers, 1. GSTN is pleased to inform that an enhanced version of the GST portal would be launched on 3rd May 2024. The effort is to improve user experience and ensure that the information you need is accessible and easy to navigate. 2. Key Enhancements Include (PDF with screenshots attached): i. News and Updates Section: We have introduced a dedicated tab for all news and updates. This section now includes a bet...
The Supreme Court on Friday issued notices to the central government, the Central Board of Indirect Taxes and Customs (CBIC), the Goods and Services (GST) Council and the National Anti-Profiteering Authority (its functions have been taken over by the Competition Commission of India) on a petition challenging a Delhi High Court verdict, upholding the constitutional validity of anti-profiteering provisions filed by a real estate company. The petition, filed by Swati Realty, says the high court ...
The delectable Malabar Parota will taste even better with the Kerala High Court ruling that the popular flatbread will attract GST at 5 per cent and not 18 per cent. With this the court has turned down order by the State’s Authority of Advance Ruling (AAR) and Appellate Authority for Advance Ruling (AAAR). Disposing a petition by Kochi-based Modern Food Enterprises, a single judge bench of Justice Dinesh Kumar Singh said if key inputs (cereals, flour, starch, etc) and preparations are s...
A businessman from Delhi was taken into custody by the Noida police for his alleged involvement in a massive Rs 15,000 crore GST fraud that was exposed last year, TOI reported. Tushar Gupta, aged 39 and residing in Tilak Nagar, was arrested as the 33rd suspect in this case. The police revealed that Gupta had exploited input tax credit (ITC) using 35 fake companies, resulting in a loss of Rs 24 crore to the exchequer over the past two years. He was reportedly part of a syndicate that utiliz...
Comments