Quick Summary
In the year 2024, the Central Board of Direct Taxes (CBDT) and Central Board of Indirect taxes and Customs (CBIC), under the Department of Revenue, Ministry of Finance, have continued their citizen-centric initiatives, driving significant reforms to enhance taxpayer experience. The CBDT maintained
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FAQ :
The CBDT processed over 3.87 crore Income Tax Returns (ITRs) within 7 days, issued refunds totalling Rs. 2.35 lakh crore, and saw 47.52 lakh updated returns filed. They also focused on taxpayer outreach and embraced faceless processes.
The CBIC used data analytics and AI to strengthen registration processes, implemented geo-tagging and risk-based refund processing, enforced sequential filing of GSTR-1 and GSTR-3B, and conducted drives against fake registrations. They also introduced reforms like conditional waiver of interest/penalty and reduced pre-deposit amounts for appeals.
FIU's intelligence sharing led to assets worth Rs. 983.40 crore being attached, Rs 2,763.30 crore in criminal proceeds identified, Rs 10,998 crore in undisclosed income detected, and 461 kg of narcotics seized. India also achieved a high level of technical compliance with FATF recommendations.
The CBIC introduced regulatory and policy reforms for Customs, including rationalisation of duty rates and steps towards decriminalisation. Technological advancements like ICEGATE 2.0 and infrastructural upgrades also enhanced operational efficiency.
Yes, the GST Council recommended reducing the GST rate on Fortified Rice Kernel (FRK) to 5%, fully exempting gene therapy, and exempting contributions by general insurance companies for the Motor Vehicle Accident Fund. They also clarified that 'penal charges' levied by banks are not subject to GST.
Measures included conditional waiver of interest/penalty for certain periods, reduction in monetary limits for appeals, reduced pre-deposit amounts for appeals, and a reduced TCS rate for Electronic Commerce Operators. A new optional facility (FORM GSTR-1A) was also introduced to amend details before filing GSTR-3B.
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