2nd anniversary of Goods & Services Tax to be celebrated on 1st July 2019
GST
Dated:- 1-7-2019
The second anniversary of Good & Services Tax (GST) will be celebrated tomorrow with Hon'ble Union Minister of State of Finance and Corporate Affairs Shri Anurag Thakur presiding over the event.
Shri Subhash C. Garg, Secretary, Department of Economic Affairs, Dr. Ajay Bhushan Pandey, Revenue Secretary, Secretaries of the Ministries of Finance, Shri P.K. Das, Chairman CBIC, Members of CBIC, and senior officers of various Ministries of Government of India will also attend the event. Senior functionaries of the apex chambers of commerce, trade and industry will also be present in large numbers. Similar functions will be held across the country in all States and Union Territories.
GST was launched on the 1st July, 2017 in a majestic ceremony held in the Central Hall of Parliament on the midnight of 30th June, 2017. Hence, the Government alongwith partners from the trade and indust
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oting Trade and Industry: Seamless flow of tax credit.
* Spurring Economic Growth: Creation of unified common national market.
Some developments during the GST journey since 2017:
* Subsuming of taxes: It was new experience of subsuming 17 different types of taxes under GST. Pre – GST, Trade & Industry had to undergo compliances under Central Excise, Service Tax & VAT and doing business in multiple states involved adhering to different VAT laws, compliance through different portals and answering to different authorities. All that has been unified into a single robust online system.Starting up has become simple with one-stop online GST registration for wanting to do business anywhere in the country.
* Formalisation of economy: More and more businesses moving in the formal economy is evident from the significant increase in the GST taxpayer base. Moving to the formal economy has brought in more visibility and hence more opportunities for Trade and Industry.
* State borders: The
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f four Tax returns in a month (GSTR-3B, 1, 2 & 3) was gradually curtailed to two tax returns viz: GSTR-3B & 1. Further the Govt. extended due dates for filing tax returns as and when felt necessary. Quarterly Returns were also prescribed for small taxpayers. Reduction in the late fee payable for delay in filing tax returns from ₹ 200/- per day to ₹ 50/-per day /₹ 20/- per day. For the Trade and Industry whose turnover was turnover below five crores, quarterly return filling system is proposed. This will benefit 93% of the taxpayers, reduce their compliance burden and increase ease of doing business.
* Exports & Refunds: Exports are made possible on the basis of Bond/LUT and without payment of IGST tax. A major package for exporters / merchant exporters has been announced after discussions with various Export Promotion Councils & organizations like FIEO, APEC, GJEPC, EEPC, Handicraft EPC etc. Refund Fortnights were conducted on 15th March to 31st March, 2018, 31st M
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n such a manner that earlier 20 heads are merged into 5 major heads. There is only one Cash Ledger for Tax , interest, penalty, fee & others .
* Single Refund Disbursing: The Central or State Government which sanctions refund disburses all four major heads of refunds namely CGST, SGST, IGST and Cess.
* Threshold limit for goods: Threshold Limit of ₹ 40 Lacs is offered of suppliers of goods as per the choice of States.
* Composition Scheme for Services: Composition Scheme for small service providers up to annual turnover of ₹ 50 lacs with a tax rate of 6%
* E-invoicing system: Electronic invoicing system in a phase-wise manner for B2B transactions is proposed to be introduced.
* GSTAT: GST Appellate Tribunals are being established at various State Headquarters and area benches also.
The introduction of GST is a game changer for Indian economy as it has replaced multi-layered, complex indirect tax structure with a simple, transparent and technology-driven tax regim
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