Quick Summary
TheCentral Board of Indirect Taxes and Customs (CBIC), Department of Revenue, Ministry of Finance, has achieved significant milestones in enhancing the efficiency and integrity of the Goods and Services Tax (GST) system. Goods and Services Tax (GST) not only completed six successful years of impleme
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FAQ :
In 2023, the GST system completed six years of implementation, achieved record-breaking tax revenue collections, with April 2023 seeing the highest ever collection at Rs 1.87 lakh crore.
The CBIC has enhanced the registration process by implementing a risk rating system for applicants using data analytics and artificial intelligence, conducting thorough verification, and introducing geo-tagging of business locations.
Measures include system-based suspension of registrations for non-filers, risk-based processing of refund applications, and special drives against fake registrations.
The CBIC has mandated sequential filing of GSTR-1 and GSTR-3B to ensure timely returns and smooth availability of input tax credit.
On the customs front, CBIC has initiated regulatory and policy reforms, including rationalising customs duty rates, decriminalisation of offences, and technological advancements like ICEGATE 2.0.
The CBIC is supporting small taxpayers through measures like extending GST exemptions, simplifying late fee structures, and facilitating intra-state supply through e-commerce operators. Measures to improve cash flow include enabling the transfer of balances in electronic cash ledgers between distinct persons.
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