The Union Finance Minister Nirmala Sitaraman presided over the 50th meeting of the GST Council on 11th July 2023 at Vigyan Bhawan in New Delhi including Revenue Secretary Sanjay Malhotra, CBIC chairman.
The finance minister has stated that there was not much discussions on Revenue Augmentation in the GST Council meeting today.
According to Sanjay Malhotra, Revenue Secretary has stated that in the official meeting of the officers of GST, 70,000 suspected firms have been identified and able to verify about 60,000 of them. And 17,000 were found to be bogus in which the action has been taken. And roughly about 17,000 crores of GST have been evaded by these firms.
CBIC chairperson Vivek Johri in a communication to officers posted on the tax authority’s website said, “As we move into the second half of the present financial year, we need to regroup and refocus our efforts on important areas of work further augmentation of revenue and improvement in compliance, completion of pending investigation, expeditious disposal of seized items, especially precious metals.”
However, the revenue augmentation did not come up for the 50th GST council meeting. The GST Council has approved a 28% tax on online gaming on the whole face value amount.The new GST rate will be 5%, down from the previous 18%.
Read More: 28% GST on Online Gaming on Full Face Value Amount: GST Council
The Revenue Secretary in the press meet also stated that the amendment including Goods and Services Tax Network (GSTN) with the Prevention of Money Laundering Act, 2002 does not have any connection with the GST amendment.
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