Representational image. File photo The Centre will soon notify rules to set up GST appellate tribunals and appoint members after approval from the GST Council, a senior CBIC official said on Monday.“We are not following a Big Bang approach, we are working in a calibrated manner. We are in the process of taking more trade-friendly steps. We are in the process of notifying the rules after approval of the Council.“We will have to set the manpower, and institutions in place. We are hopeful it will be done sooner,” Central Board of Indirect Taxes and Customs (CBIC) member (GST) Shashank Priya said at a Ficci event.The council will also approve the work experience and qualifications of members of the tribunal.In March, Parliament had cleared changes in the Finance Bill to pave the way for setting up the appellate tribunals.There will be benches of the tribunal in every state, with a Principal Bench in Delhi which will hear appeals related to ‘’place of supply’’.Currently, taxpayers move the high courts against any GST ruling.The resolution process takes a longer time as the high courts are already burdened with a backlog of cases and do not have a specialised bench to deal with GST.Setting up of state and national-level benches would pave the way for faster dispute resolution.Tax basePriya said the department was working to expand the taxpayer base and doing data triangulation with the income tax department on corporate taxpayers.The move to widen the tax net comes at a time the Centre is chuffed by the 12 per cent jump in GST collections in June — with collections over the past four months consistently topping Rs 1.5 lakh crore.The move to triangulate date indicates glaring cracks in the system that haven’t been resolved to date – more than five years after the Modi government launched its biggest tax reform in July 2017.As per data, currently, only 40 per cent of the corporate income taxpayer base is also registered under GST.Priya said the board has detected 45,000 fake GST registrations involving evasion of Rs 13,900 crore. The officers have also blocked the wrongful availment of ITC (input tax credit) worth Rs 1,430 crore.Modi also said that some countries use cross-border terrorism as an instrument of their policy and the grouping must not hesitate to criticise them

New Delhi: The Centre will soon notify rules for setting up GST appellate tribunals and appoint members after approval from the GST Council, a senior CBIC official said on Monday.Central Board of Indirect Taxes and Customs (CBIC) member (GST) Shashank Priya said the department is working to expand the taxpayer base and doing data triangulation with the corporate taxpayers in income tax regime. As per data, currently, only 40 per cent of the corporate income taxpayer base is also registered under GST. As many as 1.39 crore businesses are registered under GST, almost double of the number when GST was launched six years ago on July 1, 2017. Goods and Services Tax (GST) revenue buoyancy, which was 1.25 after introduction of the indirect tax regime in 2017, has risen to 1.40 in the last two years. Average monthly GST revenue increased from Rs 89,885 crore in 2017-18 to Rs 1.50 lakh crore in 2022-23. In 2023-24, the average revenue stands at Rs 1.69 lakh crore per month. “We are not following a Big Bang approach, we are working in a calibrated manner. We are in the process of taking more trade-friendly steps,” Priya said. “We are in the process of notifying the rules after approval of the Council. We will have to set the manpower, institutions in place. We are hopeful it will be done sooner,” Priya said addressing Ficci’s GST conclave. The council will also approve the work experience and qualifications of members of the tribunal. In March, Parliament had cleared changes in the Finance Bill to pave the way for setting up appellate tribunals for resolution of disputes under GST. As per the plan, benches of the tribunal would be set up in every state while there will be a Principal Bench in Delhi which will hear appeals related to ‘place of supply’. Currently, taxpayers aggrieved with ruling of tax authorities are required to move the respective High Courts. The resolution process takes longer time as High Courts are already burdened with backlog of cases and do not have a specialised bench to deal with GST cases. Setting up of state and national-level benches would pave the way for faster dispute resolution. Priya said there are some businesses who have misused the registration process and now the CBIC is working to tighten the registration process and use information technology to catch fraudsters. He said 45,000 fake GST registration involving evasion of Rs 13,900 crore is under scanner in the ongoing two month long drive by central and state tax officers to catch fake registration. The officers have also blocked wrongful availment of ITC worth Rs 1,430 crore. © Copyrights 2022. All rights reserved. Powered By Hocalwire

My AccountFollow us on: Find & Invest in bonds issued by top corporates, PSU Banks, NBFCs, and much more. Invest as low as 10,000 and earn better returns than FDInvest NowPowered By Find safe & high-yielding bonds for your buck. Discover the right bonds meeting your investment amount & investment horizonInvest NowAMBAREESH BALIGAFundamental, Stock Ideas, Multibaggers & InsightsSubscribeCK NARAYANStock & Index F&O Trading Calls & Market AnalysisSubscribeSUDARSHAN SUKHANITechnical Call, Trading Calls & InsightsSubscribeT GNANASEKARCommodity Trading Calls & Market AnalysisSubscribeMECKLAI FINANCIALSCurrency Derivatives Trading Calls & InsightsSubscribeSHUBHAM AGARWALOptions Trading Advice and Market AnalysisSubscribeMARKET SMITH INDIAModel portfolios, Investment Ideas, Guru Screens and Much MoreSubscribeTraderSmithProprietary system driven Rule Based Trading callsSubscribeCurated markets data, exclusive trading recommendations, Independent equity analysis & actionable investment ideasSubscribeCurated markets data, exclusive trading recommendations, Independent equity analysis & actionable investment ideasExploreSTOCK REPORTS BY THOMSON REUTERSDetails stock report and investment recommendationSubscribePOWER YOUR TRADETechnical and Commodity CallsSubscribeINVESTMENT WATCHSet price, volume and news alertsSubscribeSTOCKAXIS EMERGING MARKET LEADERS15-20 High Growth Stocks primed for price jumpsSubscribeSellers without GST registration will be able to supply to e-commerce operators such as Amazon and Flipkart for intra-state supply starting October 1, Shashank Priya, Member, Central Board of Indirect Taxes and Customs (CBIC) has said. This move is expected to give a boost to MSMEs.Speaking at the GST Conclave organised by industry body FICCI, he said, "Sellers will be allowed intra-state supply without registration to e-commerce operators from October 1" .The GST Council had given in-principle approval for the same in the 47th meeting held in June.E-commerce companies had also raised concerns over the necessity of having a brick-and-mortar address under GST. Priya said that for the verification and audit process under GST, a physical address is a must but added that at the time of registration this factor may be considered by the officials.He added that the blueprint for an appellate tribunal is likely to be approved at the next GST Council meeting slated for July 11. "We will notify the rules for the GST appellate tribunal after Council approval," he said.Talking about various indirect tax reforms, he said the GST 2.0 includes the e-way bill reform under which the threshold will be lowered further from  August 1, 2023, to Rs 5 crore.Priya said tax buoyancy has increased from 1.26 in 2018 to 1.40 in 2023, as GST implementation completes six years.Despite the average GST rate of 11.6 percent being much below the 15.3 percent revenue-neutral rate, tax collection has seen an increase thanks to a widening base and the plugging of leakages."Tax rate on many household items were pruned under GST. We started with 229 items in the 28 percent GST slab, but now only 37 items remain in the slab,” he said.Talking about the special two-month drive to weed out fake input tax credit (ITC) claims, he said so far evasion of Rs 13,900 crore had been detected."We have been conducting a drive against fake ITC claims for the last 5 weeks. ITC worth Rs 1,430 crore has already been blocked in this special drive," he said. Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.com is prohibited.You are already a Moneycontrol Pro user.

Subscribe New Delhi: More businesses will be brought under the e-invoicing scheme, meant to track business-to-business sales, from August, and small businesses will be allowed to sell through e-commerce platforms without a Goods and Services Tax (GST) registration from October, said an official on Monday.The e-invoicing scheme, that covers all sales other than those at the retail level, is a reporting requirement of transactions to designated portals meant to improve compliance. The data so reported at the time of the transaction also helps in auto-population of tax returns and brings efficiency and accuracy in reporting besides helping to reduce disputes.Shashank Priya, member (GST) in the Central Board of Indirect Taxes and Customs (CBIC), said at a conference organized by industry body Ficci that the game changing step of introducing e-invoicing in 2020 will be expanded in August.E-invoicing was first introduced on 1 October 2020 for businesses with sales more than ₹50 crores and the threshold was gradually lowered and stands at ₹10 crore as of now. "From 1 August, e-invoicing will become compulsory for businesses with sales up to ₹5 crore. That is a game changer," said Shashank Priya.E-invoicing helps in automating accounting, the data gets auto populated in GST returns and facilitates trade, explained the official. "We are not following a Big Bang approach. We continue to incrementally improve it (the GST system). We bring the changes in a calibrated manner," explained Priya.A separate scheme of facilitating e-commerce for small businesses will be rolled out from October.At present, GST registration is compulsory for sales through e-commerce platforms irrespective of the turnover of the supplier, unlike in the case of offline traders, who do not require GST registration for up to ₹4 million."As you would be aware, we are also looking at making life simpler for some of the smaller taxpayers for supplying through ecommerce operators, with certain safeguards. Now we are proposing to allow, from October, those who are within the threshold of GST registration, to do intra-state supply without compulsorily getting registered," said Shashank Priya, adding that the move is a step in facilitating trade. "We are hoping to get this started from 1 October, 2023," he said. Businesses in the composition scheme that file file tax returns quarterly are also likely to be included in this scheme. There, however, will be safeguards to make sure the scheme is not abused.Priya also said that the government was examining how to further step-up compliance, using information technology. The administration and tax payers have to work collectively on this, he said. Meanwhile, as part of the ongoing drive against fake GST registrations, authorities have detected tax evasion of about ₹13,900 crore and have also blocked wrongfully taken input tax credit of ₹1,430 crore, he said. New Delhi: More businesses will be brought under the e-invoicing scheme, meant to track business-to-business sales, from August, and small businesses will be allowed to sell through e-commerce platforms without a Goods and Services Tax (GST) registration from October, said an official on Monday.The e-invoicing scheme, that covers all sales other than those at the retail level, is a reporting requirement of transactions to designated portals meant to improve compliance. The data so reported at the time of the transaction also helps in auto-population of tax returns and brings efficiency and accuracy in reporting besides helping to reduce disputes.Shashank Priya, member (GST) in the Central Board of Indirect Taxes and Customs (CBIC), said at a conference organized by industry body Ficci that the game changing step of introducing e-invoicing in 2020 will be expanded in August.E-invoicing was first introduced on 1 October 2020 for businesses with sales more than ₹50 crores and the threshold was gradually lowered and stands at ₹10 crore as of now. "From 1 August, e-invoicing will become compulsory for businesses with sales up to ₹5 crore. That is a game changer," said Shashank Priya.E-invoicing helps in automating accounting, the data gets auto populated in GST returns and facilitates trade, explained the official. "We are not following a Big Bang approach. We continue to incrementally improve it (the GST system). We bring the changes in a calibrated manner," explained Priya.A separate scheme of facilitating e-commerce for small businesses will be rolled out from October.At present, GST registration is compulsory for sales through e-commerce platforms irrespective of the turnover of the supplier, unlike in the case of offline traders, who do not require GST registration for up to ₹4 million."As you would be aware, we are also looking at making life simpler for some of the smaller taxpayers for supplying through ecommerce operators, with certain safeguards. Now we are proposing to allow, from October, those who are within the threshold of GST registration, to do intra-state supply without compulsorily getting registered," said Shashank Priya, adding that the move is a step in facilitating trade. "We are hoping to get this started from 1 October, 2023," he said. Businesses in the composition scheme that file file tax returns quarterly are also likely to be included in this scheme. There, however, will be safeguards to make sure the scheme is not abused.Priya also said that the government was examining how to further step-up compliance, using information technology. The administration and tax payers have to work collectively on this, he said. Meanwhile, as part of the ongoing drive against fake GST registrations, authorities have detected tax evasion of about ₹13,900 crore and have also blocked wrongfully taken input tax credit of ₹1,430 crore, he said.Subscribe to our newsletters.© 2021 Avinash Poddar.Use phone?Use email?

The Centre will soon notify rules for setting up GST appellate tribunals and appoint members after approval from the GST Council, a senior CBIC official said on Monday.Central Board of Indirect Taxes and Customs (CBIC) member (GST) Shashank Priya said the department is working to expand the taxpayer base and doing data triangulation with the corporate taxpayers in income tax regime.As per data, currently, only 40 per cent of the corporate income taxpayer base is also registered under GST.As many as 1.39 crore businesses are registered under GST, almost double of the number when GST was launched six years ago on July 1, 2017.Goods and Services Tax (GST) revenue buoyancy, which was 1.25 after introduction of the indirect tax regime in 2017, has risen to 1.40 in the last two years.Average monthly GST revenue increased from Rs 89,885 crore in 2017-18 to Rs 1.50 lakh crore in 2022-23. In 2023-24, the average revenue stands at Rs 1.69 lakh crore per month.''We are not following a Big Bang approach, we are working in a calibrated manner. We are in the process of taking more trade-friendly steps,'' Priya said.''We are in the process of notifying the rules after approval of the Council. We will have to set the manpower, institutions in place. We are hopeful it will be done sooner,'' Priya said addressing Ficci's GST conclave.The council will also approve the work experience and qualifications of members of the tribunal.In March, Parliament had cleared changes in the Finance Bill to pave the way for setting up appellate tribunals for resolution of disputes under GST.As per the plan, benches of the tribunal would be set up in every state while there will be a Principal Bench in Delhi which will hear appeals related to 'place of supply'.Currently, taxpayers aggrieved with ruling of tax authorities are required to move the respective High Courts.The resolution process takes longer time as High Courts are already burdened with backlog of cases and do not have a specialised bench to deal with GST cases.Setting up of state and national-level benches would pave the way for faster dispute resolution.Priya said there are some businesses who have misused the registration process and now the CBIC is working to tighten the registration process and use information technology to catch fraudsters.He said 45,000 fake GST registration involving evasion of Rs 13,900 crore is under scanner in the ongoing two month long drive by central and state tax officers to catch fake registration.The officers have also blocked wrongful availment of ITC worth Rs 1,430 crore.(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.) Email: info@devdiscourse.com Phone: +91-720-6444012, +91-7027739813, 14, 15 © Copyright 2023

New Delhi : The Modi government at the Center will soon set up a GST Appellate Tribunal to settle cases related to Goods and Services Tax (GST) in India. Before setting up the tribunal, the rules will be notified by the government. Members will be appointed for this. Shashank Priya, Member, Central Board of Indirect Taxes and Customs (CBIC) said the department is working to widen the taxpayer base and is using data from various sources in the case of corporate taxpayers in the income tax regime for accurate assessment .1.39 crore companies registered under GSTAccording to statistics, at present only 40 per cent of the company income tax payer base is registered under GST. There are 1.39 crore companies registered under GST. This is almost double the number of goods and services applicable from July 1, 2017. During this, the average monthly GST collection has also increased. Where it was Rs 89,885 crore in 2017-18, it has increased to Rs 1.50 lakh crore in 2022-23. The average income so far in the current financial year was Rs 1.69 lakh crore per month. He said that we are taking steps after thinking. We are in the process of taking business friendly steps.Approval of changes in the Finance Bill in MarchShashank Priya said at the GST convention of FICCI that after getting approval from the GST Council, we are in the process of notifying the rules. We have to set up institutions with the workforce. We hope it will happen soon. The council will also approve the work experience and eligibility of the members of the tribunal. In March, Parliament approved changes to the Finance Bill to pave the way for setting up an appellate tribunal to resolve disputes under GST.GST tribunal bench will be established in each stateAccording to the plan presented by the government, GST tribunal benches will be set up in each state of India, while Delhi will have a principal bench. At present, taxpayers have to go to the concerned High Court if they have a complaint with the system of the tax authority. Since, there are already a large number of cases pending in the courts. In this case, there is a delay in the resolution process. Also, they do not have any special bench to deal with GST cases. In such a situation, by setting up benches at the state and national level, the disposal of cases will be done faster.45,000 fake GST registrations under investigationShashank Priya further said that there are some companies, who have misused the registration process. Now CBIC is using information technology to tighten the registration process and catch wrongdoers. He said 45,000 bogus GST registrations linked to evasion of Rs 13,900 crore are under scrutiny in a two-month-long drive by the central and state tax officials to crack down on bogus registrations. Apart from this, the officials have also stopped wrongful availing of input tax credit of Rs 1,430 crore.Panchakarma Treatment: Panchakarma, which is derived from Sanskrit, translates to "five actions" or "five remedies".…PMJJBY: In today's time, every man should take an insurance plan for his family. No…Chetak EV Sales: Many companies of the auto sector are presenting the sales figures for…Shravani Mela 2023: The world famous, State Shravani Fair of Jharkhand has started. Along with…Lucknow: Is it all over in BJP for Pilibhit MP Varun Gandhi who has been…Muzaffarnagar: With the start of Savan from Tuesday, special arrangements have been made for the…

The Centre will soon notify rules for setting up GST appellate tribunals and appoint members after approval from the GST Council, a senior CBIC official said on Monday.Central Board of Indirect Taxes and Customs (CBIC) member (GST) Shashank Priya said the department is working to expand the taxpayer base and doing data triangulation with the corporate taxpayers in income tax regime.Read more at: Income Tax Appellate Tribunal (ITAT): A Success StoryAs per data, currently, only 40 per cent of the corporate income taxpayer base is also registered under GST.As many as 1.39 crore businesses are registered under GST, almost double of the number when GST was launched six years ago on July 1, 2017.Goods and Services Tax (GST) revenue buoyancy, which was 1.25 after introduction of the indirect tax regime in 2017, has risen to 1.40 in the last two years.Average monthly GST revenue increased from Rs 89,885 crore in 2017-18 to Rs 1.50 lakh crore in 2022-23. In 2023-24, the average revenue stands at Rs 1.69 lakh crore per month.“We are not following a Big Bang approach, we are working in a calibrated manner. We are in the process of taking more trade-friendly steps,” Priya said.“We are in the process of notifying the rules after approval of the Council. We will have to set the manpower, institutions in place. We are hopeful it will be done sooner,” Priya said addressing Ficci’s GST conclave.The council will also approve the work experience and qualifications of members of the tribunal.In March, Parliament had cleared changes in the Finance Bill to pave the way for setting up appellate tribunals for resolution of disputes under GST.As per the plan, benches of the tribunal would be set up in every state while there will be a Principal Bench in Delhi which will hear appeals related to ‘place of supply’.Currently, taxpayers aggrieved with ruling of tax authorities are required to move the respective High Courts.The resolution process takes longer time as High Courts are already burdened with backlog of cases and do not have a specialised bench to deal with GST cases.Setting up of state and national-level benches would pave the way for faster dispute resolution.Priya said there are some businesses who have misused the registration process and now the CBIC is working to tighten the registration process and use information technology to catch fraudsters.He said 45,000 fake GST registration involving evasion of Rs 13,900 crore is under scanner in the ongoing two month long drive by central and state tax officers to catch fake registration.The officers have also blocked wrongful availment of ITC worth Rs 1,430 crore.read more at: Big relief to taxpayers on recovery proceedingsWhatsapp GROUP LINKarticle@taxconcept.netCopyright © 2023 TAX CONCEPT

ByPress Trust of India The Centre will soon notify rules for setting up GST appellate tribunals and appoint members after approval from the GST Council, a senior CBIC official said on Monday. (adsbygoogle = window.adsbygoogle || []).push({}); Central Board of Indirect Taxes and Customs (CBIC) member (GST) Shashank Priya said the department is working to expand the taxpayer base and doing data triangulation with the corporate taxpayers in income tax regime. As per data, currently, only 40 per cent of the corporate income taxpayer base is also registered under GST. As many as 1.39 crore businesses are registered under GST, almost double of the number when GST was launched six years ago on July 1, 2017.Goods and Services Tax (GST) revenue buoyancy, which was 1.25 after introduction of the indirect tax regime in 2017, has risen to 1.40 in the last two years. Average monthly GST revenue increased from Rs 89,885 crore in 2017-18 to Rs 1.50 lakh crore in 2022-23. In 2023-24, the average revenue stands at Rs 1.69 lakh crore per month. “We are not following a Big Bang approach, we are working in a calibrated manner. We are in the process of taking more trade-friendly steps,” Priya said. “We are in the process of notifying the rules after approval of the Council. We will have to set the manpower, institutions in place. We are hopeful it will be done sooner,” Priya said addressing Ficci’s GST conclave.The council will also approve the work experience and qualifications of members of the tribunal. In March, Parliament had cleared changes in the Finance Bill to pave the way for setting up appellate tribunals for resolution of disputes under GST. As per the plan, benches of the tribunal would be set up in every state while there will be a Principal Bench in Delhi which will hear appeals related to ‘place of supply’. Currently, taxpayers aggrieved with ruling of tax authorities are required to move the respective High Courts. The resolution process takes longer time as High Courts are already burdened with backlog of cases and do not have a specialised bench to deal with GST cases.Setting up of state and national-level benches would pave the way for faster dispute resolution. Priya said there are some businesses who have misused the registration process and now the CBIC is working to tighten the registration process and use information technology to catch fraudsters. He said 45,000 fake GST registration involving evasion of Rs 13,900 crore is under scanner in the ongoing two month long drive by central and state tax officers to catch fake registration. The officers have also blocked wrongful availment of ITC worth Rs 1,430 crore.Your email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δdocument.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() );Plunge Media LLP © 2022

Satlok ExpressNews, Spiritual, & FinanceThe Center will soon notify the rules for setting up the GST Appellate Tribunal and appoint members after approval from the Goods and Services Tax Council. Shashank Priya, Member, Central Board of Indirect Taxes and Customs (CBIC) said that the department is working to widen the taxpayer base and is using data from various sources in the case of corporate taxpayers in the income tax regime to arrive at an accurate assessment. .According to statistics, at present only 40 per cent of the company income tax payer base is registered under GST.There are 1.39 crore companies registered under GST. This is almost double the number of goods and services applicable from July 1, 2017. Average monthly GST collection has also increased during this period. Where it was Rs 89,885 crore in 2017-18, it has increased to Rs 1.50 lakh crore in 2022-23. The average income so far in the current financial year was Rs 1.69 lakh crore per month.He said, “…we are taking steps after thinking. We are in the process of taking business friendly steps.Shashank Priya said at the GST conference of industry body FICCI, “We are in the process of notifying the rules after getting approval from the council. We have to set up institutions with a workforce. We hope it will happen soon.The council will also approve the work experience and eligibility of the members of the tribunal. In March, Parliament approved changes to the Finance Bill to pave the way for setting up an appellate tribunal to resolve disputes under GST.According to the plan, benches of the tribunal will be set up in each state while Delhi will have a principal bench.At present, taxpayers have to go to the concerned High Courts when they have complaints from the system of tax authorities. Since there are already a large number of cases pending in the courts, the resolution process gets delayed. Also, they do not have any special bench to deal with GST cases.In such a situation, by setting up benches at the state and national level, the disposal of cases will be done faster.Priya said that there are some companies, who have misused the registration process. Now CBIC is using information technology to tighten the registration process and catch the wrongdoers.He said 45,000 bogus GST registrations linked to evasion of Rs 13,900 crore are under scrutiny in a two-month-long drive by central and state tax officials to crack down on bogus registrations.Apart from this, the officials have also stopped wrongful availing of input tax credit of Rs 1,430 crore.

Follow Us New Delhi, Jul 3 (PTI) The Centre will soon notify rules for setting up GST appellate tribunals and appoint members after approval from the GST Council, a senior CBIC official said on Monday. Central Board of Indirect Taxes and Customs (CBIC) member (GST) Shashank Priya said the department is working to expand the taxpayer base and doing data triangulation with the corporate taxpayers in income tax regime. As per data, currently, only 40 per cent of the corporate income taxpayer base is also registered under GST. As many as 1.39 crore businesses are registered under GST, almost double of the number when GST was launched six years ago on July 1, 2017. Goods and Services Tax (GST) revenue buoyancy, which was 1.25 after introduction of the indirect tax regime in 2017, has risen to 1.40 in the last two years. Average monthly GST revenue increased from Rs 89,885 crore in 2017-18 to Rs 1.50 lakh crore in 2022-23. In 2023-24, the average revenue stands at Rs 1.69 lakh crore per month. "We are not following a Big Bang approach, we are working in a calibrated manner. We are in the process of taking more trade-friendly steps," Priya said. "We are in the process of notifying the rules after approval of the Council. We will have to set the manpower, institutions in place. We are hopeful it will be done sooner," Priya said addressing Ficci's GST conclave. The council will also approve the work experience and qualifications of members of the tribunal. In March, Parliament had cleared changes in the Finance Bill to pave the way for setting up appellate tribunals for resolution of disputes under GST. As per the plan, benches of the tribunal would be set up in every state while there will be a Principal Bench in Delhi which will hear appeals related to 'place of supply'. Currently, taxpayers aggrieved with ruling of tax authorities are required to move the respective High Courts. The resolution process takes longer time as High Courts are already burdened with backlog of cases and do not have a specialised bench to deal with GST cases. Setting up of state and national-level benches would pave the way for faster dispute resolution. Priya said there are some businesses who have misused the registration process and now the CBIC is working to tighten the registration process and use information technology to catch fraudsters. He said 45,000 fake GST registration involving evasion of Rs 13,900 crore is under scanner in the ongoing two month long drive by central and state tax officers to catch fake registration. The officers have also blocked wrongful availment of ITC worth Rs 1,430 crore. PTI JD DRR Share this article If you liked this article share it with your friends.they will thank you later

After the approval of the GST Council, the Center will soon notify the rules for setting up GST Appellate Tribunals and appoint members. A senior CBIC official gave this information on Monday. Shashank Priya, Member (GST), Central Board of Indirect Taxes and Customs (CBIC), said that the Income Tax Department is working to expand the taxpayer base and is taking action to match the data with corporate taxpayers in the income tax regime. Is.As per the data, currently only 40 per cent of the corporate income tax payer base is also registered under GST. There are 1.39 crore businesses registered under GST, which is almost double the number six years ago when GST was launched on July 1, 2017.Goods and Services Tax (GST) revenue is witnessing a boom. Average monthly GST revenue to increase from Rs 89,885 crore in 2017-18 to Rs 1.50 lakh crore in 2022-23. The average revenue in 2023-24 is Rs 1.69 lakh crore per month. Shashank Priya while addressing the GST conference of FICCI said that we are in the process of notifying the rules after the approval of the Council. We have to set up new institutions with manpower. We hope that this will be done soon. The Council shall also approve the work experience and qualifications of the members of the Tribunal.In March, Parliament approved changes to the Finance Bill to pave the way for setting up an appellate tribunal to resolve disputes under GST. According to the plan, benches of the tribunal will be set up in each state, while Delhi will have a principal bench. At present, taxpayers aggrieved by the decision of the tax authorities have to approach the respective High Courts. But this leads to longer resolution process, as the High Courts are already overburdened with pending cases and do not have any special benches to deal with GST cases. Establishment of state and national level benches will pave the way for speedy resolution of disputes.Shashank Priya said that there are some businesses which have misused the registration process. He stressed the need for strict measures to check this and said that CBIC is working to tighten the registration process and use information technology to nab fraudsters. He said 45,000 bogus GST registrations linked to evasion of Rs 13,900 crore are under probe in a two-month-long drive by the central and state tax authorities to crack down on fake registrations. ( PLC/GT )Save my name, email, and website in this browser for the next time I comment. Δdocument.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() );

By: ABP News Bureau | Updated at : 03 Jul 2023 06:08 PM (IST) Average monthly GST revenue increased from Rs 89,885 crore in 2017-18 to Rs 1.50 lakh crore in 2022-23. In 2023-24, the average revenue stands at Rs 1.69 lakh crore per month. ( Image Source : Getty )The central government will soon notify rules for setting up Goods and Services Tax (GST) appellate tribunals and appoint members after approval from the GST Council, a senior CBIC official said on Monday, reported the PTI. The Central Board of Indirect Taxes and Customs (CBIC) member (GST) Shashank Priya said the department is working to expand the taxpayer base and doing data triangulation with the corporate taxpayers in income tax regime.According to the PTI report, as currently, only 40 per cent of the corporate income taxpayer base is also registered under the GST. As many as 1.39 crore businesses are registered under GST, almost double of the number when GST was launched six years ago on July 1, 2017.GST revenue buoyancy, which was 1.25 after introduction of the indirect tax regime in 2017, has risen to 1.40 in the last two years.Average monthly GST revenue increased from Rs 89,885 crore in 2017-18 to Rs 1.50 lakh crore in 2022-23. In 2023-24, the average revenue stands at Rs 1.69 lakh crore per month.googletag.cmd.push(function() { googletag.display("div-gpt-ad-6601185-5"); });"We are not following a Big Bang approach, we are working in a calibrated manner. We are in the process of taking more trade-friendly steps," Priya said. "We are in the process of notifying the rules after approval of the Council. We will have to set the manpower, institutions in place. We are hopeful it will be done sooner," Priya said addressing Ficci's GST conclave. The council will also approve the work experience and qualifications of members of the tribunal.In March, Parliament had cleared changes in the Finance Bill to pave the way for setting up appellate tribunals for resolution of disputes under the GST.As per the plan, benches of the tribunal would be set up in every state while there will be a Principal Bench in Delhi which will hear appeals related to 'place of supply'.Currently, taxpayers aggrieved with ruling of tax authorities are required to move the respective High Courts. The resolution process takes longer time as High Courts are already burdened with backlog of cases and do not have a specialised bench to deal with GST cases.Setting up of state and national-level benches would pave the way for faster dispute resolution. Priya said there are some businesses who have misused the registration process and now the CBIC is working to tighten the registration process and use information technology to catch fraudsters.He said 45,000 fake GST registration involving evasion of Rs 13,900 crore is under scanner in the ongoing two month long drive by central and state tax officers to catch fake registration. The officers have also blocked wrongful availment of ITC worth Rs 1,430 crore. Stock Market: Sensex Jumps 274 Points, Nifty Settles Near 19,400 Amid Volatility. Bajaj Finance Zooms 7 Per CentUnderstanding 'Greedflation': Exploring The Phenomenon; Its Effects On Global, Indian EconomiesPrice Of Commercial LPG Cylinders Hiked By Rs 7, To Be Sold At Rs 1,780 In DelhiHDFC Merger: A Gamechanger For NBFCs And Borrowers? Here's All You Need To KnowByju’s Unlikely To Renew Endorsement Contract With Shah Rukh Khan: ReportBJP Changes State Presidents In Big Reshuffle, Union Minister G Kishan Reddy Made Telangana Party Chief'No Double Standards On Terrorism': PM Modi Calls Out Pakistan At SCO In Presence Of PM Sharif9 Dead As Truck Rams Into House After Losing Control In Maharashtra’s DhuleHeavy Rains Lash Delhi And Gurugram, Three Flights DivertedBJP Eyes Big Organisational Rejig, Likely To Change Presidents In 6 States

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Unsubscribe to continueThis is a subscriber only feature Subscribe Now to get daily updates on WhatsAppAs per data, currently, only 40 per cent of the corporate income taxpayer base is also registered under GST The Centre will soon notify rules for setting up GST appellate tribunals and appoint members after approval from the GST Council, a senior CBIC official said on Monday. Central Board of Indirect Taxes and Customs (CBIC) member (GST) Shashank Priya said the department is working to expand the taxpayer base and doing data triangulation with the corporate taxpayers in income tax regime. As per data, currently, only 40 per cent of the corporate income taxpayer base is also registered under GST. As many as 1.39 crore businesses are registered under GST, almost double of the number when GST was launched six years ago on July 1, 2017. Goods and Services Tax (GST) revenue buoyancy, which was 1.25 after introduction of the indirect tax regime in 2017, has risen to 1.40 in the last two years. Average monthly GST revenue increased from Rs 89,885 crore in 2017-18 to Rs 1.50 lakh crore in 2022-23. In 2023-24, the average revenue stands at Rs 1.69 lakh crore per month. "We are not following a Big Bang approach, we are working in a calibrated manner. We are in the process of taking more trade-friendly steps," Priya said. "We are in the process of notifying the rules after approval of the Council. We will have to set the manpower, institutions in place. We are hopeful it will be done sooner," Priya said addressing Ficci's GST conclave. The council will also approve the work experience and qualifications of members of the tribunal. In March, Parliament had cleared changes in the Finance Bill to pave the way for setting up appellate tribunals for resolution of disputes under GST. As per the plan, benches of the tribunal would be set up in every state while there will be a Principal Bench in Delhi which will hear appeals related to 'place of supply'. Currently, taxpayers aggrieved with ruling of tax authorities are required to move the respective High Courts. The resolution process takes longer time as High Courts are already burdened with backlog of cases and do not have a specialised bench to deal with GST cases. Setting up of state and national-level benches would pave the way for faster dispute resolution. Priya said there are some businesses who have misused the registration process and now the CBIC is working to tighten the registration process and use information technology to catch fraudsters. He said 45,000 fake GST registration involving evasion of Rs 13,900 crore is under scanner in the ongoing two month long drive by central and state tax officers to catch fake registration. The officers have also blocked wrongful availment of ITC worth Rs 1,430 crore.(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)First Published: Jul 03 2023 | 1:25 PM ISTCOVID-19Personal FinanceVirtual RealityEnvironment

New Delhi: More businesses will be brought under the e-invoicing scheme, meant to track business-to-business sales, from August, and small businesses will be allowed to sell through e-commerce platforms without a Goods and Services Tax (GST) registration from October, said an official on Monday. The e-invoicing scheme, that covers all sales other than those at the retail level, is a reporting requirement of transactions to designated portals meant to improve compliance. The data so reported at the time of the transaction also helps in auto-population of tax returns and brings efficiency and accuracy in reporting besides helping to reduce disputes. Shashank Priya, member (GST) in the Central Board of Indirect Taxes and Customs (CBIC), said at a conference organized by industry body Ficci that the game changing step of introducing e-invoicing in 2020 will be expanded in August. E-invoicing was first introduced on 1 October 2020 for businesses with sales more than ₹50 crores and the threshold was gradually lowered and stands at ₹10 crore as of now. "From 1 August, e-invoicing will become compulsory for businesses with sales up to ₹5 crore. That is a game changer," said Shashank Priya. E-invoicing helps in automating accounting, the data gets auto populated in GST returns and facilitates trade, explained the official. "We are not following a Big Bang approach. We continue to incrementally improve it (the GST system). We bring the changes in a calibrated manner," explained Priya. A separate scheme of facilitating e-commerce for small businesses will be rolled out from October. At present, GST registration is compulsory for sales through e-commerce platforms irrespective of the turnover of the supplier, unlike in the case of offline traders, who do not require GST registration for up to ₹4 million. "As you would be aware, we are also looking at making life simpler for some of the smaller taxpayers for supplying through ecommerce operators, with certain safeguards. Now we are proposing to allow, from October, those who are within the threshold of GST registration, to do intra-state supply without compulsorily getting registered," said Shashank Priya, adding that the move is a step in facilitating trade. "We are hoping to get this started from 1 October, 2023," he said.  Businesses in the composition scheme that file file tax returns quarterly are also likely to be included in this scheme. There, however, will be safeguards to make sure the scheme is not abused. Priya also said that the government was examining how to further step-up compliance, using information technology. The administration and tax payers have to work collectively on this, he said.  Meanwhile, as part of the ongoing drive against fake GST registrations, authorities have detected tax evasion of about ₹13,900 crore and have also blocked wrongfully taken input tax credit of ₹1,430 crore, he said.Download the Mint app and read premium storiesLog in to our website to save your bookmarks. It'll just take a moment.You are just one step away from creating your watchlist!Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.Your session has expired, please login again.You are now subscribed to our newsletters. In case you can’t find any email from our side, please check the spam folder.This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp

The Centre will soon notify rules for setting up GST appellate tribunals and appoint members after approval from the GST Council, a senior CBIC official said on Monday.Central Board of Indirect Taxes and Customs (CBIC) member (GST) Shashank Priya said the department is working to expand the taxpayer base and doing data triangulation with the corporate taxpayers in income tax regime.As per data, currently, only 40 per cent of the corporate income taxpayer base is also registered under GST.Also Read: Over 12k fake entities in GST; CBIC plans biometric authentication, tighter return filingAs many as 1.39 crore businesses are registered under GST, almost double of the number when GST was launched six years ago on July 1, 2017.Goods and Services Tax (GST) revenue buoyancy, which was 1.25 after introduction of the indirect tax regime in 2017, has risen to 1.40 in the last two years.Average monthly GST revenue increased from Rs 89,885 crore in 2017-18 to Rs 1.50 lakh crore in 2022-23. In 2023-24, the average revenue stands at Rs 1.69 lakh crore per month."We are not following a Big Bang approach, we are working in a calibrated manner. We are in the process of taking more trade-friendly steps," Priya said."We are in the process of notifying the rules after approval of the Council. We will have to set the manpower, institutions in place. We are hopeful it will be done sooner," Priya said addressing Ficci's GST conclave.The council will also approve the work experience and qualifications of members of the tribunal.In March, Parliament had cleared changes in the Finance Bill to pave the way for setting up appellate tribunals for resolution of disputes under GST.As per the plan, benches of the tribunal would be set up in every state while there will be a Principal Bench in Delhi which will hear appeals related to 'place of supply'.Currently, taxpayers aggrieved with ruling of tax authorities are required to move the respective High Courts.The resolution process takes longer time as High Courts are already burdened with backlog of cases and do not have a specialised bench to deal with GST cases.Setting up of state and national-level benches would pave the way for faster dispute resolution.Priya said there are some businesses who have misused the registration process and now the CBIC is working to tighten the registration process and use information technology to catch fraudsters.He said 45,000 fake GST registration involving evasion of Rs 13,900 crore is under scanner in the ongoing two month long drive by central and state tax officers to catch fake registration.The officers have also blocked wrongful availment of ITC worth Rs 1,430 crore.Check out all newslettersDeccan Herald News now on Telegram - Click here to subscribeFollow us on Facebook | Twitter | Dailymotion | YouTube Kerala's snake boat on Wimbledon's online platformsReliance Jio launches 4G Jio Bharat phones for Rs 999From heat to hail: China's deadly weather takes a tollWas concerned about fitness at Lausanne: Neeraj ChopraFIFA Women's WC 2023: Guide to each groupHow to stop sweating so much: StudyKerala's snake boat on Wimbledon's online platformsReliance Jio launches 4G Jio Bharat phones for Rs 999From heat to hail: China's deadly weather takes a tollWas concerned about fitness at Lausanne: Neeraj ChopraFIFA Women's WC 2023: Guide to each groupHow to stop sweating so much: Study National Karnataka Bengaluru Sports Business Multimedia Opinion Entertainment NCP Crisis: Pawar takes actionOpposition meet rescheduledJio to launch Rs 999 internet phonesDH GalleriesDH PicksLatest storiesTrending newsDownload DH APPServicesOur group sitesDownload DH APP We use cookies to understand how you use our site and to improve user experience. This includes personalising content and advertising. By continuing to use our site, you accept our use of cookies, revised Privacy Policy. We use cookies.

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Parliament had cleared changes in the Finance Bill to set up tribunals in MarchThe Centre will soon notify rules for setting up GST appellate tribunals and appoint members after approval from the GST Council, a senior CBIC official said on Monday. Central Board of Indirect Taxes and Customs (CBIC) member (GST) Shashank Priya said the department is working to expand the taxpayer base and doing data triangulation with the corporate taxpayers in income tax regime. As per data, currently, only 40 per cent of the corporate income taxpayer base is also registered under GST. As many as 1.39 crore businesses are registered under GST, almost double of the number when GST was launched six years ago on July 1, 2017. Goods and Services Tax (GST) revenue buoyancy, which was 1.25 after introduction of the indirect tax regime in 2017, has risen to 1.40 in the last two years. Average monthly GST revenue increased from Rs 89,885 crore in 2017-18 to Rs 1.50 lakh crore in 2022-23. In 2023-24, the average revenue stands at Rs 1.69 lakh crore per month. "We are not following a Big Bang approach, we are working in a calibrated manner. We are in the process of taking more trade-friendly steps," Priya said. "We are in the process of notifying the rules after approval of the Council. We will have to set the manpower, institutions in place. We are hopeful it will be done sooner," Priya said addressing Ficci's GST conclave. The council will also approve the work experience and qualifications of members of the tribunal. In March, Parliament had cleared changes in the Finance Bill to pave the way for setting up appellate tribunals for resolution of disputes under GST. As per the plan, benches of the tribunal would be set up in every state while there will be a Principal Bench in Delhi which will hear appeals related to 'place of supply'. Currently, taxpayers aggrieved with ruling of tax authorities are required to move the respective High Courts. The resolution process takes longer time as High Courts are already burdened with backlog of cases and do not have a specialised bench to deal with GST cases. Setting up of state and national-level benches would pave the way for faster dispute resolution. Priya said there are some businesses who have misused the registration process and now the CBIC is working to tighten the registration process and use information technology to catch fraudsters. He said 45,000 fake GST registration involving evasion of Rs 13,900 crore is under scanner in the ongoing two month long drive by central and state tax officers to catch fake registration. The officers have also blocked wrongful availment of ITC worth Rs 1,430 crore.📣 The Week is now on Telegram. Click here to join our channel (@TheWeekmagazine) and stay updated with the latest headlines*Articles appearing as INFOCUS/THE WEEK FOCUS are marketing initiativesCopyright © 2023 All rights reserved

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