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Informist, Monday, Nov. 18, 2024

 

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--Revenue secy:On-yr tax mop-up growth not on more tax burden but compliance 
--Revenue secy: Direct, indirect tax dept focused on lower compliance burden 
--CONTEXT: Revenue Secy Malhotra at SBI Banking & Economics Conclave 2024 
--Revenue secy: Some wrinkles remain in GST system, working to iron them out 
--Revenue secy: Working overtime to make things smoother in GST model 
--Revenue secy: Hope GST appellate tribunals will be operational by FY25-end 
--Revenue secy: Effort in GST to curb bogus refunds, wrong input tax credit 
--Revenue secy: GST appellate tribunal members, staff to be appointed by Dec

 

MUMBAI - Revenue Secretary Sanjay Malhotra Monday said that hopefully, GST appellate tribunals would be operational by the end of the current financial year. 

 

"I would like to assure you and inform you that we are now in the last stages stages of operationalising the GSTAT. We should start functioning and here it is the highlight of this financial year," he said at the 11th SBI Banking and Economics Conclave 2024.

 

He also said that the members and staff of these tribunals should be appointed by the end of December. "President has already assumed office. He has taken oath and the recommendations of the search term selection committee are being made. We have identified the locations for these benches. We have also advertised for staff to support these members, we have got applications for them," he said.

 

He said that there were some wrinkles in the GST model, and officials were working overtime to simplify this model.  

 

He said that refunds had gone up in direct taxes as well as GST. "In GST, refunds have grown at 13.3% by the time, whereas in direct taxes, refunds have grown by a whopping 26.5% year on year," he said.

 

He was hopeful that the wedding season would support growth in GST mop-up, he said.

 

"Though there has been a slowdown in the past couple of months, we are hopeful that with the marriage season around the corner, the needle will move slightly faster," he said. 

 

Efforts were being made to curb bogus refunds and wrong input tax credit in the GST model, he said. Malhotra also said that the direct and indirect tax departments were focused on lowering the compliance burden.

 

"We have made significant strides, I believe, in simplifying the tax code, providing tax certainty, and enhancing ease of doing business. We must continue to adapt to the changing landscape of taxation, embracing technologies and fight for excellence in all that we do," he said.  End

 

Reported by Kshipra Petkar

Edited by Avishek Dutta

 

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