Recommendations regarding Data Analytics made during the 26th meeting of the GST Council

Recommendations regarding Data Analytics made during the 26th Meeting of Goods & Services Tax (GST) Council held today in the national capital under the Chairmanship of the Union Finance Minister, Shri Arun Jaitley  

In the 26th meeting held here today , the GST Council has been apprised of the fact that CBEC and GSTN have started detailed data analytics across a number of data sets available with them. The outcome of preliminary data analysis has revealed interesting insights:

  • It has emerged that there is variance between the amount of IGST & Compensation Cess paid by importers at Customs ports and input tax credit of the same claimed in GSTR-3B.
  • There are major data gaps between self-declared liability in FORM GSTR-1 and FORM GSTR-3B.

It was deliberated that this information may be further analysed and adequate action may be initiated accordingly.

Other Updates from 26th GST Council Meetings-

Major Highlights of 26th GST Council Meeting

E-way Bill: Recommendations made during 26th GST Council meeting

26th GST Council Meeting: Update on Return Filing System, RCM, TDS/TCS & Grievance Redressal Mechanism

GST: Extension of Tax Exemptions for Exporters for six months

More Under Goods and Services Tax

Leave a Comment

Your email address will not be published. Required fields are marked *