The GST Council is headed by the FM Nirmala Sithraman will conduct their meeting on September 9 to further adjust GST rates on various products. The top agenda item of the meeting could be the drive to weed out bogus GST registrations.1
Under the direction of Union Minister for Finance & Corporate Affairs Nirmala Sitharaman, the 53rd GST Council meeting was convened in New Delhi on June 22.
Addressing duty inversion, which discourages investment by taxing raw materials more heavily than completed goods, is one of the most important things to take into account. We'll also look at how inflation and previous GST rate cuts have affected the tax base.
Fake GST registration
The Central Board of Indirect Taxes and Customs (CBIC) issued an instruction to field formations stating, 'The second Special All-India Drive may be launched by all Central and State Tax administrations from August 16 to October 15, 2024, to detect suspicious or fake GSTINs, conduct requisite verification, and take further remedial action to weed out these fake billers from the GST eco-system and safeguard government revenue.'
Amendment In GST act
Regularise the non-levy or short-levy
Among other things, the GST Council had approved a law amendment to add a new Section 11A to the Central GST Act. This would allow the government to regularise the non-levy or short-levy of GST in cases where common trade practices were causing the tax to be underpaid or not paid at all.
3-month window
Additionally, the GST Council recommended a change to Section 112 of the CGST Act, 2017.
This would enable the three-month window for appealing decisions made before the appellate tribunal to begin on a date that the government will notify regarding appeals and revision orders issued prior to that date.
Additionally, it has been recommended by the council that any new applications pertaining to anti-profiteering be submitted by April 1, 2025, as that date marks the application's sunset.
July GST collection data
According to data released by the finance ministry, domestic goods and services transactions drove a 10.3 per cent increase in GST collections for July, totaling over Rs 1.82 lakh crore. Since the introduction of the GST on July 1, 2017, this month's collection is the third-highest.
In July, there were 16,283 crores in refunds. Net GST collection after deducting these refunds was more than Rs 1.66 lakh crore, a 14.4 per cent increase.
The combined amount of central GST amounting to Rs 32,386 crore, state GST of Rs 40,289 crore, and integrated GST of Rs 96,447 crore contributed to the total gross GST revenue of Rs 1,82,075 crore. The total amount of compensation cess collected was Rs 12,953 crore.
