GST 50th meeting on 11 July- A look at key decisions at previous meeting
₹85,000-95,000 crore when GST was launched in 2017, have soared to around ₹1.5 lakh crore and are moving northwards. According to hinktank Global Trade Research Initiative (GTRI), the most critical pending GST reform is the upgradation of the GST Network to prevent fake supplies and fraudulent claims of Input Tax Credit (ITC).
“Data analysis and physical checks alone cannot completely solve the problem. The GSTN should enable linking of invoice level information filed for claiming ITC by buyer (from GSTR 3B) with the information provided by input suppliers (GSTR 2A and GSTR 2B)," thinktank said.
The GSTN is unable to connect the supplies in a value chain, resulting in significant revenue loss to the government and causing problems for honest businesses. Issues like rationalisation of tax rates and slabs, and levying GST on petrol, diesel, and ATF, are still hanging fire.
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