Business Mantra News
The Government implemented the Goods and Services Tax effectively with a view to diminish the cascading effect of Indirect Taxes.
After its implementation, it has been followed by the most of the businessman and traders as it aimed to provide aid to run business with lessen complicity of filing different tax.
Most of the tax payers took recourse towards GST as it stress to bring homogeneity in the market across India.
Many tax payers had been started following GST after more than a decade push by the Government. Still there are some lacunas in this Indirect Tax which needs reformation and more simplification by the Government.
The following reformative step could be initiated to make GST Better:
- The threshold exemption limit should be raised from 20 Lakhs.
- This limit is only for within-State traders. Hence, it should also be extended to traders who supply goods to another State as they need to be registered under GST, even if their turnover is below 20 lakhs.
- The column of “Bill Wise Matching” should be either completely implemented or completely phased out.
- Rate of GST on certain items which has been retained in 28% category should be phased out to maximum18%
- To extend the limit of FAQ’s i.e. Frequently Asked Questions on key sectors like e-commerce and Information Technology etc.
- To ensure more clarification and simplification on special area like High Sea Sales.
- The queries asked on the twitter or other social media should be replied appropriately relating to GST.
- Ensure efficiency and working standard of Gigantic Platform of the GST Network (GSTN). As many traders are facing with the various network problems like with the uploading of the data and slow functioning of the system.
- The date for filing of GST should also be static as the Government is continuously extending the dates which leads to confusion and inconveniences to the traders and industrialists.
- As the Government has continuously extended the dates for filing of specific returns till March 2018, along with this the Government should work on the way of simplification of the procedure of data input and all.
- While passing the GST, the Government’s objective was to pass on the tax rate and credits the benefits to the consumers but no mode of passing on these benefits has yet prescribed. Hence the standard guidelines must be issued by the Government.
The Government has got success in its Endeavour to implement the GST, however, still some Lacunae are prevailing and some consultative and constructive approach has yet to be adopted to bring reformation in GST.