GST

In a review meeting of the CBIC, she directed the board to intensify its drive against fake billing and input tax credit (ITC). Sitharaman desired that the CBIC may undertake a comprehensive root cause analysis by studying the typology of cases already booked, and come up with recommendations on technology-based solutions to address the menace and prevent its occurrence.

Terming it a remarkable achievement, Union Commerce and Industry Minister Piyush Goyal highlighted the role of GeM as a digital tool in the public and national interest. GeM is a symbol of the speed with which Prime Minister Narendra Modi has taken the country forward through modern technology, said the Minister.

"The Gross GST revenue of Rs 1,60,122 crore comprise CGST of Rs 29,546 crore, SGST of Rs 37,314 crore, IGST of Rs 82,907 crore (including Rs 42,503 crore collected on import of goods) and cess of Rs 10,355 crore (including Rs 960 crore collected on import of goods)," the finance ministry said in a statement on Saturday.

Collections under GST Compensation Cess grew by 107.6 per cent from 2017-18 to 2022-23 (RE), Finance Minister Nirmala Sitharaman told the Lok Sabha in a written reply. The Minister saidthat in the case of GST Compensation Cess, the proceeds of the cess leviable is initially credited to the Consolidated Fund of India, in terms of Article 266.

The cap is among the 75 amendments made in the Finance Bill, which was passed in Lok Sabha on March 24. The compensation cess has been linked to the maximum rate of their retail sale price. As per the Finance Bill, pan masala will attract the maximum GST compensation cess of 51 per cent of the retail sale price per unit.

The Parliamentary Standing Committee on Finance in its report on demands for grants for Finance Ministry's Revenue Department, which was presented in Parliament on Thursday, has recommended that government should prepare a white list of documents that would be necessarily required for conducting an audit and would thus become a guidance note for the officers as well as the assessees.

Out of the Rs 1,49,577 crore collected through GST revenue in February, CGST was Rs 27,662 crore, SGST was Rs 34,915 crore and IGST was Rs 75,069 crore (including Rs 35,689 crore collected on import of goods) while cess was Rs 11,931 crore (including Rs 792 crore collected on import of goods). February's GST collections were marginally higher than December 2022 collections.

She said this while addressing a press conference soon after the 49th meeting of the GST Council ended. She also informed that Rs 16,524 crore to six states which have submitted the accountant general's (AG) certificate will also be released. Delhi, Tamil Nadu and Telangana are among the six states which have submitted AG certificates.

The Federal Board of Revenue (FBR) issued a notification in this regard, following which the implication of GST will be effective immediately, Samaa TV reported. Edible oil, ghee, biscuits, spices, jam, jelly, noodles, toys, chocolates and coffee falling under the category of packed items will become expensive, the report said.

January's collections are second only to Rs 1.68 lakh crore gross GST collections recorded in April 2022. GST collections have crossed the Rs 1.50 lakh crore mark for the third time in 2022-23, official sources said. Out of the Rs 1,55,922 crore GST collections for January 2023, CGST was Rs 28,963 crore, SGST was Rs 36,730 crore and IGST stood at Rs 79,599 crore.