Page 10 - Banking Finance February 2024

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Panagariya, 1st chief of collections rose 10% year-on-year to the order on an appeal filed by the
1.64 lakh crore in December, official competition watchdog against the
Niti, to head finance data released showed. That's down show cause notice by the Directorate

panel from 1.68 lakh crore in November and General of GST Intelligence (DGGI),
Columbia University professor and the up from 1.49 lakh crore in the same Delhi zone.
first vice chairman of Niti Aayog Arvind month the year before. The DGGI issued the show cause notice
Panagariya has been appointed the Experts said the double-digit growth in in 2020 based on an "intelligence re-
chairman of the 16th Finance Commis- collections reflected the underlying port" that the CCI is not paying service
sion. The government is, however, yet economic momentum and the monthly tax on the fees/consideration received
to name the other members of the moderation was attributable to holi- by it while providing the services to
panel, which has an open mandate days and the base effect. various persons.
unlike finance commissions in recent
"The sequential dip in the headline GST It was stated in the show cause notice
years, where the Centre provided a collections between November and that the CCI was collecting fees from
large set of terms of reference.
December reflects the impact of the persons or enterprise that approached
For many, Panagariya's appointment holidays related to the festive season, them for various purposes like acquisi-
came as a surprise since the last four as GST is remitted in the subsequent tions, mergers, or amalgamations, but
commissions were headed by those month," said Aditi Nayar, chief econo- have not registered under the Finance
who had long stints either in the fi- mist, ICRA. "The moderation in the Act, nor discharged their service tax
nance ministry or RBI. pace of growth of GST collections re- liability.
Barring the two-and-a-half years that flects the base effect."
he spent at Niti Aayog, the former I-T returns top 8 crore for
Asian Development Bank chief econo- GST authorities drop Rs.7 1st time
mist has focused on academics. He is The income tax department said that
currently the Jagdish Bhagwati profes- crore service tax demand
sor of Indian political economy & pro- against CCI returns for 2022-23 financial year have
crossed 8 crore, marking the first in-
fessor of economics and director of Raj GST authorities have dropped an Rs
Centre on Indian Economic Policies. 7.08 crore service tax demand against stance that the level has been reached.
According to data released by the tax
the Competition Commission of India
GST collection in Dec up department, for the last financial year,
(CCI) saying the statutory body does
returns filed increased 6.4% over the
10% over last year not render any taxable service. 7.5 crore returns filed for financial year
India's goods and services tax (GST) The CGST commissioner audit passed 2021-22.

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