Centre to soon notify rules for setting up GST appellate tribunals
The Centre will soon notify rules for setting up GST appellate tribunals and appoint members after approval from the GST Council, a senior CBIC official said on Monday.
Central Board of Indirect Taxes and Customs (CBIC) member (GST) Shashank Priya said the department is working to expand the taxpayer base and doing data triangulation with the corporate taxpayers in income tax regime.
As per data, currently, only 40 per cent of the corporate income taxpayer base is also registered under GST.
As many as 1.39 crore businesses are registered under GST, almost double of the number when GST was launched six years ago on July 1, 2017.
Goods and Services Tax (GST) revenue buoyancy, which was 1.25 after introduction of the indirect tax regime in 2017, has risen to 1.40 in the last two years.
Average monthly GST revenue increased from Rs 89,885 crore in 2017-18 to Rs 1.50 lakh crore in 2022-23. In 2023-24, the average revenue stands at Rs 1.69 lakh crore per month.
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