ENS Economic Bureau
| New Delhi |
Published: March 7, 2020 4:38:59 am
The meeting comes ahead of the GST Council meeting slated for March 14. (Representational Image)
Central and state governments will examine further steps to boost tax compliance and revenues under the goods and services tax (GST) regime — including examining a proposal to curb availment of input tax credit (ITC) by new taxpayers and measures to check export valuation including capping of value for calculating export incentives.
GST officers, who met for the third national conference on Friday, will also frame standard operating procedure (SOP) for physical spot verification of risky taxpayers and for blocking and unblocking of ITC, an official statement said. This follows after the Centre had restricted availment of ITC to 10 per cent of invoices uploaded by the taxpayers’ suppliers from 25 per cent earlier. Fake invoices and fraudulent availment of ITC have emerged as one of the biggest sources of tax evasion under the indirect tax regime.
Deliberations regarding streamlining of GST return filing process, enhancing revenue and focussed compliance management were part of the third national GST conference of state and central tax officers, chaired by the Revenue Secretary Ajay Bhushan Pandey and attended by Finance Minister Nirmala Sitharaman.
The meeting comes ahead of the GST Council meeting slated for March 14. During the meeting, the Finance Minister “intensively discussed” the status of GST Portal to address grievances of taxpayers, the statement said.
Officials from Rajasthan, West Bengal, Odisha, Gujarat and Punjab made presentations on practices followed by them for compliance management and revenue augmentation and various steps taken to curb tax evasion.
Infosys presented the status on business statistics, trend of filing return, preparedness of the system for facilities proposed to be launched and measures taken to address GST Portal’s capacity and to resolve difficulties being faced by taxpayers.
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