Union Finance Minister Nirmala Sitharaman The GST Council will meet on September 9 under the chairmanship of. The Council wrote on the social media platform ‘X’, the 54th meeting of the GST Council will be held on September 9, 2024 in New Delhi. The GST Council, consisting of finance ministers of the Center and the states, is the highest decision-making body regarding the Goods and Services Tax (GST). It has been working since July 1, 2017. The meeting is expected to discuss rationalizing the rates, reducing the tax ‘slab’, as well as removing the inversion duty under GST. The last council meeting was held on June 23, after which Sitharaman had said that in the next meeting of the GST Council, the Group of Ministers (GoM) constituted on rationalization of rates under the leadership of Bihar Deputy Chief Minister Sumant Chaudhary will make a presentation on the status of work and the aspects ‘covered’ by the committee and the work pending before the committee.
Campaign against fake registration will start from August 16
The Central Board of Indirect Taxes and Customs (CBIC) has said that tax officials will start a two-month special campaign against fake (Goods and Services Tax) GST registrations from August 16. Earlier, such a campaign was conducted in May last year. In this, about 22,000 fake registrations related to suspected GST evasion of more than Rs 24,000 crore were detected. The National Coordination Committee comprising senior central and state tax officials had decided to launch a special campaign last month. Under the special campaign, GST Network, Directorate General of Analytics and Risk Management (DGARM), in coordination with CBIC, will identify suspicious/high-risk GSTINs based on detailed data analytics and risk parameters. Such information will be given to the jurisdictional tax officer for further verification.
Will initiate action to stop ITC
After this, the Central and State GST officers will verify the suspicious GSTIN (GST Identification Number) within the stipulated time. If it is found that the GSTIN is fake or does not exist, the tax officers will initiate action to suspend and cancel the registration and stop the input tax credit (ITC). In a directive issued to the regional offices, CBIC said, “A second special all-India campaign may be launched by all central and state tax administrations from 16 August 2024 to 15 October 2024 to detect suspicious/fake GSTINs and take the required verification and further corrective action to remove them from the GST landscape and protect government revenue.”
Many important decisions were taken in the last meeting
Let us tell you that the last meeting of GST was held on 22 June under the chairmanship of Finance Minister Nirmala Sitharaman. Many important decisions were approved in this meeting. In the meeting, it was decided to implement biometric authentication to stop fake bills. Apart from this, many changes were made to reduce government litigation. At the same time, railway services were exempted from GST.
GST collection grew by 10.3 percent in July
Goods and Services Tax (GST) collection grew by 10.3 percent to over Rs 1.82 lakh crore in July. This was the third highest tax collection recorded in any month since the implementation of the GST system. According to information given by the government, the total refund in July was Rs 16,283 crore. After this refund, net GST collection grew by 14.4 percent to over Rs 1.66 lakh crore. Gross GST revenue in July was Rs 1,82,075 crore.
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