GST Update:Finance Minister Nirmala Sitharaman has asked GST officials to understand the concerns of stakeholders, increase compliance, streamline processes and make the tax system transparent and more efficient. The Finance Minister said these things while addressing the National Conference of Enforcement Chiefs of Central and State GST Formations.
Discussion on stopping GST evasion
For the first time, a meeting of the Enforcement Chiefs of State and Central GST Formations was held in Delhi on March 4, 2024, in which the methods of GST evasion, through which routes GST evasion is done, were discussed. Also, the sectors in which GST evasion is the highest and how to stop GST evasion by high risk taxpayers whose actions are suspicious were discussed in the meeting. Addressing the meeting, the Finance Minister praised GST Formations for making GST a reliable, target based system using technology since 2017. The Finance Minister asked the GST formations to use technology to remove loopholes in the system and provide better taxpayers services.
👉 Union Finance Minister Smt. @nsitharaman inaugurates the inaugural edition of National Conference of Enforcement Chiefs of the State and the Central GST Formations in New Delhi
👉 FM Smt. @nsitharaman exhorts GST officials to engage with stakeholders to understand their… pic.twitter.com/bCG3ufatWw
— Ministry of Finance (@FinMinIndia) March 4, 2024
CBIC caught 1.15 lakh crore GST evasion in 4 years
It was told in the meeting that in the action taken after May 2023 against fake GST registration and bogus billing, GST evasion of Rs 49,623 crore through input tax credit has been detected in which 31,512 bogus firms were involved. CBIC said that since 2020, it has identified fake input tax credit worth Rs 1,14,755 crore.
Target of 2 lakh crore GST collection
Addressing the conference, Minister of State for Finance Pankaj Chaudhary expressed hope that in the coming days the target of GST collection of Rs 2 lakh crore every month will be achieved. So Revenue Secretary Sanjay Malhotra, while emphasizing on the role of enforcement in the GST system, said that it is important to identify high-risk areas, stop tax evasion, and balance enforcement with the rights of taxpayers. He said that it is important to strengthen the partnership between the states and the Center and get feedback for policy improvement and technology intervention.
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