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Update: Summary of 26th report of the Standing Committee on Finance
Update: Summary of 26th report of the Standing Committee on Finance

March 22, 2021

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The 26th Standing Committee on Finance tabled its report on March 16, 2021 before the Parliament.

The Committee in its report, has acknowledged that the COVID-19 pandemic has severely hit GST collections and therefore, the Government needs to initiate structural as well as enforcement measures to increase GST collection which has seen an upward trend in recent months. (Page 27 of the report)

The Committee also noted the recent successes in the drive against fake invoices and recognizes the need for greater awareness about GST and punitive action in case of non-compliance.  (Page 29 of the report). 

The Committee has also urged the Ministry to advertise and publicise Remission of Duties or Taxes on Export Product (RoDTEP) so that it reaches maximum beneficiaries and helps boost the export sector.  (Page 28-29 of the report).

In terms of faceless assessment and faceless appeal, the Committee believes that this measure will help in simplification of tax administration and reduce litigation. Therefore, the committee has urged the Ministry to publicise this initiative. 

Copy of the report is attached for your reference. 

We hope you will find the update useful.

  


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Standing Committee on Finance wrt GST.pdf

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