CBIC Chair says tax rationalisation necessary for revenue efficiency
New Delhi, May 13 (KNN) The Chairman of Central Board Indirect Taxes and Customs (CBIC) Vivek Johri said that tax rationalisation is necessary to ensure revenue efficiency and buoyancy which is likely to be discussed at the GST Council meeting next month.
Speaking at an event organised by Federation of Indian Chambers of Commerce & Industry (FICCI), Johri said, “We have changed our strategy to continue the resilience in revenue. To rationalise the tax rates to let refunds and credits flow freely, reverse the inversions is one way to continue revenue stream.”
Highlighting the changes made by the government, he added, “Legal changes were made to facilitate taxpayers to file their returns, which they could not do during the peak of Covid, and make the tax filing experience better.”
We can now construct the tax-paying structure and credit system better owing to the improvement made in our systems on e-invoicing and Auto population of returns and inter-connectivity of returns has helped in fast-tracking credits and reducing the compliance cost for taxpayers, he said.
In recent years, GST collections have been consistently higher than the GDP growth rate with the monthly collection in FY22 exceeding Rs 1.25 trillion for six months in a row till March, 2022.
In April based on March transactions, monthly GST collections hit an all-time high of Rs 1.68 trillion. (KNN Bureau)