Indian Economy
2nd National GST Conference
- 08 Jan 2020
- 2 min read
Why in News
The 2nd National GST Conference of the Commissioners of State Tax and Chief Commissioners of Central Tax was held recently.
- The conference was focused on streamlining Goods and Services Tax (GST) system and plugging revenue leakages.
- The conference was aimed to build synergy and to share their knowledge and best practices with the intent to bring about uniformity in tax administrations.
Key Points
- The government has decided to constitute a panel of centre and state officials for designing a detailed Standard Operating Procedure (SOP) to check fraudulent GST refund claims and evasion of GST.
- A memorandum of understanding would be signed among the Central Board of Direct Taxes (CBDT), the Central Board of Indirect Taxes and Customs (CBIC) and the GST Network to exchange data through the application program interface.
- The data would be shared on a quarterly basis, instead of being shared on a yearly basis.
- It was also decided to make the GST system aligned with the Financial Intelligence Unit (FIU) for the purpose of getting bank account details and transactions and also PAN-based banking transaction.
Financial Intelligence Unit
- The Financial Intelligence Unit (FIU) was constituted in November 2004. The organization is in the process of seeking membership of the Egmont Group of FIUs which is an umbrella group of FIUs of various countries.
- FIU is not a regulatory body. Its task is to gather and share financial intelligence in close cooperation with regulatory bodies like RBI, SEBI and IRDA.
