Second National GST Conference of Central and State Tax Commissioners held
On January 7, 2020, the second National GST Conference and Central and State Commissioners was held to streamline the Goods and Services Tax. The Revenue Secretary of Ministry of Finance Dr Ajay Bhushan Pandey was the Chairman of the conference
- A Committee is to be constituted with central and state officers. The Committee will examine and implement measures that will help curb fraudulent refund claims. The Committee will come up with a Standard of Procedure that will become operational by the end of January 2020.
- The Investigation wing of Income Tax Department is to investigate all major cases of fake imports, fraudulent refunds and fake input credits.
- The foreign exchange remittances are to be linked with IGST refund in order to curb fraudulent IGST refund claims.
- The data between CBDT (Central Board of Direct Taxation), GSTN (Goods and Services Tax Network) and CBIC (Central Board of Indirect Taxes and Customs) is being shared on annual basis. It was decided that the data from now on be shred on quarterly basis.
Highlights of the conference
Several presentations were made at the conference. The Central Tax Zone office of Vadodara and Mumbai made presentations on the best practices being followed by them that helped them in revenue augmentation. The tax officers from Gujarat and Andhra Pradesh also made presentations on their successful implementation of the GST act.
Category: Economy & Banking Current Affairs