FM Sitharaman seeks clarity on issues related to GST classification | Economics and politics news | Trending Viral hub

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Union Finance Minister Nirmala Sitharaman speaks in Rajya Sabha during the Budget session of Parliament (Photo: PTI)

Union Finance Minister Nirmala Sitharaman speaks in Rajya Sabha during the Budget session of Parliament (Photo: PTI)

Finance Minister Nirmala Sitharaman on Monday asked Goods and Services Tax (GST) officials to clarify issues related to classification at the earliest through proper channels.

Inaugurating the National Conference of State Executing Chiefs and Central GST Formations here, Sitharaman urged officials to engage with stakeholders to understand their concerns, improve compliance, streamline processes and work collaboratively to make the tax system is more transparent and efficient.

GST rates are based on the classification of goods and services under Harmonized System of Nomenclature (HSN) codes and this often gives rise to various disputes and litigations. The issue is then taken up by various judicial and quasi-judicial forums, including the GST commissioners, the advance ruling authority (AAR) and the courts.

The Central Board of Indirect Taxes and Customs (CBIC) issues various circulars and frequently asked questions (FAQs) to clear the air on various classification issues based on the recommendations of the GST Council.

Sitharaman urged officials to leverage technology to plug loopholes and provide better services to taxpayers.

Highlighting the importance of innovation, he advocated sharing emerging best practices, emphasizing the need for seamless coordination among states. Several presentations were made during the conference. According to data presented by the GST Council Secretariat, the nationwide crackdown on false registrations and false invoicing since May 2023 alone has resulted in the detection of input tax credit tax evasion of Rs 49,623 crore. involves 31,512 fake companies.

The CBIC made a submission that it had detected false claim of input tax credit worth Rs 1.14 trillion from the year 2020 till date.


TI asks taxpayers to file updated ITRs for FY 2021-22 by March 31

The income tax assessee can file updated returns for the assessment year 2021-22 till the end of this month, making use of the annual information return (AIS), as the department has the lag information between the submission of the statements and data shown by third parties.

In some cases, a “mismatch” has been identified between the information submitted in the 2021-22 returns with the information of specific financial transactions, available with the department, the Central Board of Direct Taxes (CBDT) said in a statement.

Accordingly, as part of the Electronic Verification Scheme-2021, the income tax department is in the process of sending communications to the taxpayers regarding this mismatch.

Non-filers can also file updated returns, the CBDT said.

First published: Mar 04 2024 | 11:20 PM IS

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