FA, 2020 amendment increasing...
Union Finance Minister Nirmala Sitharaman, in her 2021 Budget declarations, said each conceivable advance would be taken to smoothen the Goods and Services Tax (GST) structure further and eliminate irregularities, for example, upset duty structures. A revised custom duty structure was on the anvil, she added.
The Finance Minister proposed to audit more than 400 age-old exclusions this year. It will be led through broad conferences and a reconsidered customs duty structure liberated from contortions will be set up from October 1.
Ms. Sitharaman highlighted record GST assortments over the most recent couple of months. The Gross GST income in January (starting at 6 p.m. on January 31) is ?1,19,847 crore, of which CGST is ?21,923 crore, SGST ? 29,014 crore, IGST ? 60,288 crore (counting ? 27,424 crore collected on import of goods) and cess ? 8,622 crore (counting ? 883 crore collected on import of products).
The complete number of GSTR-3B returns recorded in January is 90 lakh, as per the Press Information Bureau.
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