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GST Council meet: Experts seek stability in taxation amid economic uncertainty

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  • The new measures to be rolled out by the GST Council to improve tax compliance include Aadhaar authentication of existing tax payers, transitioning to new tax return forms and linking electronic invoices with tax returns on the sales made
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NEW DELHI: Experts have sought stability in Goods and Services Tax (GST) rules and more time for businesses to comply with tighter procedural changes, which authorities are keen to implement, amid widespread economic uncertainty.
The Goods and Services Tax (GST) Council plans to fix the anomalies in the tax structure and discuss revenue position of central and state governments at its meeting in the capital on Saturday.
The decisions may include tax rate changes on mobile phones, textiles and footwear so that the tax outgo on these products remain higher than that on raw materials and services used in production.
Since the tax outgo on these finished products are lower than that on the raw materials and services at present, the government has to refund the excess amount to businesses.
Experts said that considering the widespread economic uncertainty due to the spread of coronavirus and decline in consumption, it would be desirable to keep changes to a minimum.
“Businesses would hope that the GST Council takes cognizance of the current factors impacting economic growth and takes a measured approach in introducing any new reforms. An extension of the timelines for several new changes such as electronic invoicing and new returns would act as a palliative for businesses that have been grappling with a slowdown," said M.S. Mani, tax partner at Deloitte India.
The new measures to be rolled out by the GST Council to improve tax compliance include Aadhaar authentication of existing tax payers, transitioning to new tax return forms and linking electronic invoices with tax returns on the sales made.
According to Abhishek Jain, tax partner at EY, from a compliance perspective, there is a general expectation of an extension for annual return and GST audit compliance for financial year 2018-19 and implementation of e-invoicing and new returns. The wish list of various businesses include relaxation in penal provisions for filing overdue returns and modification to the inverted duty structure, said Jain.
For filing the annual report and the reconciliation statement for the second year of GST, FY19, the due date is 31 March, 2020.
The Council will also review the glitches faced by GSTN, the company that processes tax returns. It will also discuss the status of GST compensation to states, many of which have complained about delays in payments by the central government.
 




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