CBIC to introduce automated GST return scrutiny by next week

Union Finance Minister Smt. Nirmala Sitharaman chairs review meeting with Central Board of Indirect Taxes & Customs (CBIC) Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman chaired a review meeting with Central Board of Indirect Taxes & Customs (CBIC), here today. The review meeting was attended by the Revenue Secretary; Chairman, CBIC and Members of CBIC. The comprehensive review covered a variety of work areas including trade facilitation, tax payer services, grievance redressal of the trade; finalisation of disciplinary cases and infrastructure projects, and progress of the upcoming Palasamudram campus of the National Academy of Customs, Indirect Taxes & Narcotics (NACIN). The Finance Minister emphasised the need for continuously improving tax payer services. With respect to grievance redressal, Smt. Sitharaman desired that in each Zone interaction be organised with members of trade and industry who are part of the GST ecosystem to know their issues and suggestions, so as to systematically identify matters for working out a redress for them. She also directed to put in place a system to take feedback on grievances redressed so as to improve quality of redressal. In the course of review, the Finance Minister was briefed on the final revenue achievement in total Indirect Tax collections for 2022-23 which stood at Rs. 13.82 lakh crore [as against Rs. 12.89 Lakh Crore in 2021-22].

On the GST side, the average gross monthly collection for the year 2022-23 stood at Rs. 1.51 lakh crore and monthly GST revenue collections exceeded RS. 1.4 lakh crore for 12 months in a row. The Finance Minister directed CBIC to introduce its automated GST return scrutiny by next week and to implement an action plan to increase the taxpayer base through enhanced use of technology. In order to intensify its drive against fake billing/Input Tax Credit (ITC), Smt. Sitharaman desired that CBIC may undertake a comprehensive root cause analysis by studying the typology of cases already booked and come up with recommendations on technology based solutions to address the menace and prevent its occurrence. The Finance Minister also advised CBIC to take measures for employee welfare. Cadre restructuring, capacity building and training, timely promotions and effective and timely action in disciplinary matters were discussed. The CBIC also briefed Smt. Sitharaman about the activities carried out under the Customs Cooperation Fund (CCF – India) which is used to support capacity building initiatives amongst the members of the World Customs Organisation (WCO).

-1st May, 2023

Data storage norm splits digital payments industry

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Sebi to finalise options in commodities today

The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...

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