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-