GST RETURN AUTOMATED SCRUTINY SYSTEM MAY COME BY NEXT WEEK

gst-return-automated-scrutiny-system-may-come-by-next-week
Facebook
Twitter
LinkedIn
Telegram
WhatsApp
Email

GST Return automated Scrutiny System may come by next week

Finance Minister  requested an automated system for inspection from the tax authorities during a review meeting with the Central Board of Indirect Taxes & Customs (CBIC) on Saturday. In addition, she urged the indirect tax department to conduct a thorough analysis of the typology of cases in order to step up the fight against  and input tax credits under the Goods and Services Tax (GST) system and take steps to broaden the base of taxpayers.

The total amount collected in   for the financial year 2022–2023 was Rs. 13.82 lakh crore, up from Rs. 12.89 lakh crore in financial year 2021–2022 but somewhat below the revised projection of Rs. 13.85 lakh crore for financial year FY23.

The Finance Minister directed to take on an action plan to strengthen the taxpayer base through improved use of technology and to introduce its automated GST return scrutiny by next week.

According to a Finance Ministry statement, “Smt. Sitharaman wanted CBIC to conduct a thorough root cause analysis by examining the typology of cases already booked and come up with recommendations on technology-based solutions to address the menace and prevent its occurrence in order to step up its campaign against fake billing/Input Tax Credit (ITC).”

Tax authorities now have and evasion as one of their top priorities. In an effort to increase revenue collections, tax authorities have highlighted registration-related scams as one of the key focal areas for greater inspection in the financial year 2023–24. This is because no significant changes to the GST rate are anticipated before the general elections the following year.

These examples of tax evasion are being looked for in state-specific data for 30-32 sectors. The average gross monthly during 2022–2023 was Rs 1.51 lakh crore, and for 12 consecutive months, the monthly GST revenue collections exceeded Rs 1.4 lakh crore.

The necessity of continually enhancing taxpayer services was again highlighted by the finance minister. Sitharaman requested that exchanges be set up between trade and industry participants who are a part of the GST ecosystem in order to learn about their concerns and recommendations for methodically identifying issues that need to be resolved in order to address in each zone. According to the ministry, she ordered the implementation of a system to collect input on the quality of grievance redressal.

The thorough evaluation encompassed a number of work areas, such as infrastructure projects, taxpayer services, trade grievance redress, and the resolution of disciplinary proceedings.

The Revenue Secretary, the and board members all attended the review meeting.

Original Published by:

Check Here