Tribune News Service
New Delhi, July 1
The Centre hopes announcement of further measures to simplify GST returns, improve its compliance and check tax evasion on the second anniversary of its rollout will help boost returns.
The inability of GST collections to consistently cross the Rs 1,00,000-crore mark was reflected in Minister of State for Finance Anurag Thakur’s warning on the menace of fake invoices: “Imandar taxpayers se bair nahin, fake invoices ki khair nahin (no enmity with honest taxpayers, but those generating fake invoices beware).”
The introduction of a new returns system, single refund window, electronic invoice system and single cash ledger are among major improvements to the GST structure. “GST has been a game changer for all the stakeholders in the economy,’’ Thakur said at the ‘GST Day’ celebrations organised by the Central Board of Indirect Taxes & Customs (CBIC) here today.
The new returns system will be introduced on a trial basis from July 1 and on a mandatory basis from October 1 with special Sahaj and Sugam returns for small taxpayers. Traders will be able to file returns in a single format every month instead of three return formats and a return and audit report. The deadline for small taxpayers is January 1, 2020.
The multiplicity of cash ledgers is also being trimmed. As against 20, there are five major heads and only cash ledger for tax, interest, penalty, fee etc. There will also be a single window for sanctioning and disbursing of refunds. To check evasion, sensors will be installed at 450 toll plazas while making RFID tag mandatory for all vehicles to automatically inform the authorities if the e-way bill has been generated. The e-way bill will also have new features to guard against duplicate bills. GST was launched by merging over a dozen central and state taxes on July 1, 2017.
GST@2 May soon be 2-tier regime: Jaitley
Former Finance Minister Arun Jaitley on Monday said the 12 and 18 % tax slabs in GST could be merged going forward as revenues increase, thereby effectively making it a two-tier tax. Penning a Facebook post on second anniversary of GST rollout, Jaitley said 20 states are already showing more than a 14% increase in revenues and did not require the Centre to compensate them for revenue loss arising out of GST. PTIMay soon be 2-tier regime: Jaitley
Former Finance Minister Arun Jaitley on Monday said the 12 and 18 % tax slabs in GST could be merged going forward as revenues increase, thereby effectively making it a two-tier tax. Penning a Facebook post on second anniversary of GST rollout, Jaitley said 20 states are already showing more than a 14% increase in revenues and did not require the Centre to compensate them for revenue loss arising out of GST. PTI
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