GSTN Current Affairs - 2020

GST Council Meet: GST of Mobile Phones increased from 12% to 18%

On March 14, 2020, the GST Council met for the 39th time in New Delhi. The Council was headed by the Finance Minister Nirmala Sitaraman.

Highlights

The Council has increased the GST of mobile phones from 12% to 18%. It reduced the tax on handmade and machine made match sticks to 12%. Also, the GST on maintenance repair overhaul services of aircraft was reduced from 18% to 5%.

Role of private Sector

The Finance Minister announced that the private sector MNC Infosys is to ensure a better GSTN system by July 2020. Also, the Infosys chairman Nandan Nilekani is to attend consecutive three meetings of the council to update the implementations of the council.

The Council seeks help from Infosys as it is to deploy more manpower and hardware. Infosys is being involved directly in the council meet, as the GST portal where the tax payers register themselves, its technology and software were designed by Infosys.

Second National GST Conference of Central and State Tax Commissioners held

On January 7, 2020, the second National GST Conference and Central and State Commissioners was held to streamline the Goods and Services Tax. The Revenue Secretary of Ministry of Finance Dr Ajay Bhushan Pandey was the Chairman of the conference

Key Takeaways

  • A Committee is to be constituted with central and state officers. The Committee will examine and implement measures that will help curb fraudulent refund claims. The Committee will come up with a Standard of Procedure that will become operational by the end of January 2020.
  • The Investigation wing of Income Tax Department is to investigate all major cases of fake imports, fraudulent refunds and fake input credits.
  • The foreign exchange remittances are to be linked with IGST refund in order to curb fraudulent IGST refund claims.
  • The data between CBDT (Central Board of Direct Taxation), GSTN (Goods and Services Tax Network) and CBIC (Central Board of Indirect Taxes and Customs) is being shared on annual basis. It was decided that the data from now on be shred on quarterly basis.

Highlights of the conference

Several presentations were made at the conference. The Central Tax Zone office of Vadodara and Mumbai made presentations on the best practices being followed by them that helped them in revenue augmentation. The tax officers from Gujarat and Andhra Pradesh also made presentations on their successful implementation of the GST act.