Central Board of Indirect Taxes and Customs chairman M Ajit Kumar said on Saturday that the trading community should follow the compliance norms for getting the benefits extended by the government.
Speaking at a webinar organised by Bharat Chamber of Commerce here, Kumar said there is a need to isolate the black sheep which are not complying with the norms but taking undue advantage.
“Trade (trading community) and the government have to work in a partnership. Some traders are taking undue advantage but not following the norms. This will force the government to take steps to curb the benefits extended,” Kumar said.
In the last two weeks, the department has detected input tax credit (ITC) fraud to the extent of Rs 10,000 crore, following which 100 people were arrested.
“There is a need to isolate the black sheep. This will help the government to grant more concessions to the trade,” he said.
Speaking on the GST refund, he said, “The process is fully automated. We have to ensure that no refund is given for the transactions where the government has not got any duty.”
The department will also have to take recourse to analytics to find out the risky traders, he added. According to him, the trend of GST collection in October and November is “encouraging”.
Revenue from Goods and Services Tax (GST) stood at over Rs 1.04 lakh crore in November as against Rs 1.05 lakh crore collected in the previous month. This was the second straight month in the current fiscal when GST revenue has topped Rs 1 lakh crore.
“We were not expecting an early recovery due to the COVID-19 pandemic but the industry and the trade worked hard to bring the economy back on track. In the coming months, higher revenues are expected,” he said.
Kumar said the department is also bringing in some more changes on the GST front such as paying duties on the invoice basis and Aadhaar registration for those seeking to join the indirect tax regime.
Small taxpayers with annual revenues of less than Rs five crore will have the option to file returns quarterly but pay the duty monthly, he said. On the customs front, Kumar said there have been instances where importers are availing of FTA (free trade agreement) benefits without being eligible for that.
“This has led to the department to do rigorous checking physically,” he said. Kumar also said the entire customs department has adopted the three mantras faceless, contactless and paperless for purpose of ease of doing business.
Source: financialexpress.com
***
[rainbow]Don’t miss the next GST Update / Article / Judicial pronouncement[/rainbow]
Subscribe to our newsletter for FREE to stay updated on GST Law
Resolve your GST queries from national level experts on GST free of cost.
TW Editorial Team comprises of team of experienced Chartered Accountants and Advocates devoted to spread the knowledge of GST amongst the various stakeholders.
