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.
Growing GST base
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.
Record GST Collection
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.
How GST Tribunal will work
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.
Misuse of the Registration Process
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 )
