goods and service tax

Updates on India's Economic Performance and CBIC Achievements

Introduction

This communication from the Government of India’s Ministry of Finance outlines important updates on revenue generation, anti-evasion initiatives, infrastructure advancements, and notable achievements within the Central Board of Indirect Taxes and Customs (CBIC). Despite the challenges posed by the pandemic, there are significant milestones concerning exports, imports, and efficient collaboration with state GST administrations.

Highlights of the Week

Economic Performance

  • Merchandise exports have surged to a record US $301.38 billion in the first three quarters of the current financial year, reflecting an impressive growth of nearly 50% compared to the same period in 2020-21.
  • Imports have also increased substantially by 69%, reaching US $443.82 billion.
  • This robust performance is complemented by positive GST revenue collections, indicating a revival in economic activity.

Collaboration with State GST Administrations

  • Member (GST) conducted a Revenue Augmentation meeting with CGST and SGST officers in Tamil Nadu, with participation from senior officials.
  • Member (Investigations) held joint meetings with CGST and SGST officers in Gujarat, Rajasthan, Punjab, Haryana, Himachal Pradesh, and the Union Territories of Chandigarh and Jammu & Kashmir, facilitating valuable idea exchanges to enhance revenue optimization.

Anti-Evasion Efforts

  • At IGI Airport, Delhi, a passenger arriving from Ras Al-Khaimah was intercepted while crossing the Green Channel, leading to the discovery of Fake Indian Currency Notes (FICN) worth Rs. 9,50,000. Such seizures have significant implications for national security.
  • The Jaipur unit of DGGI made a significant breakthrough in a fake billing and ITC investigation, uncovering a network of 636 fake firms responsible for issuing invoices approximating a taxable value of Rs. 4,500 crore and an ITC claim of around Rs. 741 crore. This achievement was made possible through diligent investigations and timely follow-ups.

Infrastructure Developments

  • Administrative approval was granted for acquiring 3100 sq.m of land from the Ahmedabad Urban Development Authority for the new DRI office building in Ahmedabad. The facility will include a Forensic Laboratory, Armoury, Lock-up, a creche, and a gym-cum-yoga room.

Conclusion

The week highlighted significant contributions from various divisions within the CBIC. The concerted efforts in revenue generation, anti-evasion strategies, and community engagement showcase the resilience and dedication of the officers and staff.