- CBIC achieved milestones in enhancing the efficiency and integrity of the GST system
- GST system broke records of previous collections and achieved highest ever tax revenue collection
- CBIC implemented risk rating system for registration process to prevent fraudulent entries
- Geo-tagging of business locations and system-based suspension of registrations for non-filers implemented
- Sequential filing of GSTR-1 and GSTR-3B mandated to streamline filing process
- Special drives against fake registrations and system-based mechanisms for intimation of mismatches implemented
- Measures taken to support businesses and improve cash flows, such as transfer of balance in electronic cash ledgers and exemptions for small taxpayers
- GST exemptions extended for satellite launch services and simplification of late fee structures
- CBIC initiated regulatory and policy reforms on the customs front, including rationalization of customs duty rates and steps towards decriminalization
- Technological advancements like ICEGATE 2.0 and Anonymised Escalation Mechanism implemented for modernization and user-friendly interfaces
- Infrastructural initiatives like pre-gate processing facilities and modernization of control laboratories enhance operational efficiency
- CBIC’s efforts reflect a holistic approach to tax administration, aiming for transparency, Ease of Doing Business, and compliance.
Source: news.caclubindia.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
