CBIC starts initiative to boost GST mop-up

 









Central Board of Indirect Taxes and Customs (CBIC) has started a new initiative of holding meetings with officials of state tax administrations across the country to further boost Goods and Services Tax (GST) revenue collections, showed an official communication. \

One such meeting has already been held in Karnataka with the idea of exploring a coordinated action plan for revenue augmentation and to explore areas of possible synergies, according to a weekly update by chairman of CBIC Vivek Johri posted on the tax authority’s website.

This is a new initiative whereby zonal members would cover all formations in their jurisdictions by holding such meetings to devise strategies for revenue augmentation for GST, over the next few weeks, said the communication.

Greater coordination between central and state agencies for compliance enforcement has become possible after the GST rollout as the tax system is unified. This comes at a time the authorities have from 1 January, tightened rules relating to reporting obligations of tax payers and those relating to powers of officials to do provisional attachment of assets in certain cases to protect government revenue. GST authorities are also extensively using data analytics to detect mis-matches and to identify wrong doers.

“I would like to nudge field formations to keep a close watch on revenue collections, particularly, IGST import revenue. Our targets may be tough but I am sure that we are equal to the task. Zonal chiefs may continue to monitor revenue collections on a daily basis and make all possible efforts to optimise collections," Vivek Johri said in the communication.

Comments

Post a Comment

Popular posts from this blog

Centre appeals against ruling on levy of GST on maintenance charges to resident welfare associations

Image
  The Centre has preferred a writ appeal before the Madras High Court against a single judge's order that flat or villa owners paying more than ₹7,500 a month towards maintenance charges to their residents’ welfare associations must pay Goods and Services Tax (GST) at the rate of 18% only for the amount exceeding ₹7,500 and not for the entire monthly contribution. Justices T.S. Sivagnanam and Sathi Kumar Sukumara Kurup on Wednesday allowed an application filed by the Centre to dispense with production of a certified copy of the judgment passed by Justice Anita Sumanth recently and directed the Registry to list the appeal for admission in the usual course. Justice Sumanth had in July this year quashed an order passed by the Authority for Advance Ruling (AAR) on June 21, 2019 as well as a consequent circular issued by the Department of Revenue under the Union Finance Ministry on July 22, 2019 since both of them had insisted upon collecting GST for entire monthly contribution. The jud
Read more

Seven key things to know before filing income tax return (ITR) for FY21

Image
  The last date to file income tax return for the financial year 2020-21 has been extended to September 30, 2021. Although there is more than two months left for the deadline to end, it is always recommended to complete the task as soon as possible and not to wait for the last minute. Worth mentioning here is that the income tax department last month launched a new e-filing portal (www.incometax.gov.in) to speed up the processing of tax returns. The I-T department will soon launch a mobile application, having all the features of the new portal. This year taxpayers have to take care of the following changes in the ITR filing process. 1) A new utility named JSON has been launched for filing tax return forms for FY21. At present, only three forms, ITR 1, 2 and 4 have been released. These new forms will import pre-fill data such as personal details, salary income, dividend income, interest income, capital gains and all the information available in Form 26AS. 2) Taxpayers will have the opti
Read more

Income Tax Return or ITR for FY20 Can Be Filed Till May 31

Image
  n the wake of severe Covid-19 pandemic, the Central Board of Direct Taxes (CBDT) has decided to extend timelines of various tax compliance dates on Saturday. “In view of the adverse circumstances arising due to the severe Covid-19 pandemic and also in view of the several requests received from taxpayers, tax consultants & other stakeholders from across the country, requesting that various compliance dates may be relaxed, the Government has extended certain timelines today," the ministry of finance said in a statement. The move is aimed at mitigating “the difficulties being faced by various stakeholders," it further added. The “relaxations are the latest among the recent initiatives taken by the government to ease compliances to be made by the taxpayers with the aim to grant respite during these difficult times," it mentioned in a notification. “It’s a welcome move to extend the timeline of various tax compliances as the country is struggling with severe second wave
Read more