The Government of India on Sunday stated that the GST payments can be made online with the help of Credit or Debit cards. Hasmukh Adhia, Revenue Secretary, while addressing the Global Investors Summit said, “With regard to payments, the best thing that will happen is all payments will have to be made online. You can use any mode of payment, electronic, NEFT, RTGS. You can do it through debit cards or credit cards of any bank.”
According to him, GST will help the traders and industries to access input tax credit, and as it will make the entire country a single market, it will also bring an ease in compliance burden. Adhia later added, “You need not open an account in banks of government. Even if you have an account in a private bank, you can transfer money and it will reach the government. I would ask the states to focus on the services sector because industry will come on its own once demand increases.”
The government has already made online registrations, returns filing, refunds and payment processes, before implementing the new pan-India indirect tax regime from next financial year starting in April. According to Mr. Adhia, GST will also make sure that the tax paid by the people reaches to the government.
The GST council, Chaired by the honorable Union Finance Minister of the Country Mr. Arun Jaitley, in its second meeting after its constitution approved five sets of draft rules referring to payments, registrations, returns, and refunds under GST.
By this, the residents will be provided online registration within the three days of application submission. Talking about the Non-residents, coming in the purview of GST will have to submit the application for registration electronically before five days to the commencement of business and shall also have to deposit full tax liability in advance.
The drafts passed also include a rule that if the tax official is taking the time or fails to take any action regarding the registration application within a fixed time slot, then the application shall be deemed to have been approved.
For registration, the user will have to submit essential details like PAN number, mobile number, email address, on a common portal or via a facilitation center. After which, the tax official will take a time period of three days for the approval of registration. The GST council has still not taken any action against the big issue of GST rates in three meetings held till now but is believed to take some steps over them in next meeting.
