Goods and Service Tax – GST – By: – Nagesh Bajaj – Dated:- 7-9-2011 Last Replied Date:- 30-12-1899 – The scheme of GST should be supported by a strong tax-administration infrastructure for it s optimum success. Without an efficient tax-administration the implementation of goods and services tax will be just like pouring water in the bottomless bowl. So, the structure, design and the business process of tax administration is an important factor in the determination of the revenue performance. To put in the words of Casanegra de Jantscher, tax administration is tax policy. Although various improvements have been recently made in the tax laws and administration over the past few years such as Large Taxpayer Unit (LTU) Scheme and Automation in Central Excise and Service Tax (ACES), the systems at both Central and state level remain complex. The tax systems suffer from substantial compliance gaps, except in the highly organized sectors of the economy. Tax administration is a typical issue
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cation. However, the states may, if necessary, undertake post-registration verification to eliminate any potential abuse. In future, the string corresponding to PAN will be replaced by the Unique Identification Number (UIN) proposed to be issued to all residents. It should be mandatory for all registrant dealers to obtain an e-mail ID and also open an internet banking account with any bank. The form must capture the e-mail ID and the internet bank account number. GST Invoice According to Task Force, VAT Invoices are crucial control document of VAT since it forms the primary source of information. Recommendations relating to VAT invoices are as under: i) The law should require a supplier making a taxable supply to another taxable person to provide a VAT invoice with that supply or the payment for it. The requirement should be enforceable by some penalty. ii) The VAT invoice should be standardized across all states so as to contain a minimum of information. Payment on monthly basis: The
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d as a single taxable entity eligible for CGST input credit across units / branches in that state. Strong, Broad and common IT infrastructure: The Central Government shall establish a common IT infrastructure which will serve the needs of both CGST and SGST. A Taxpayers Information Network (TIN) will be established by the centre keeping in view the information requirement of CBEC and the state tax administration. The TIN will be shared between the centre and the state. The payment of tax and transaction reporting should be made through a combined payment and transaction reporting statement in form no. GST-1. This statement should detail all business to business transactions relating to sale. This statement should be common for both CGST and SGST compliance and it should be mandatory to file this statement electronically on a monthly basis while making payment of taxes. Uniform Laws for SGST: Electronic filing of all other returns, if any, should also be mandatory. Therefore, the return
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