Finance Minister Nirmala Sitharaman told that the government will iron out issues bothering traders under the Goods and Services Tax (GST) regime and that GST would be additionally simplified, on Tuesday in a CAIT (Confederation of All India Traders) program.
Budget preparation is in full swing, keeping the relief for the taxpayer at greatest importance. On Tuesday, FM said that the government is working towards simplifying the taxation system. She also said that the government will do this, taking into account, that it would not create any glitch for genuine taxpayers.
In the same program, the FM said that the government considers every proposal which can improve the GST system and has taken necessary steps in the wake of all such suggestions received so far.
At present, the Central Government is taking help from GST officers and experts of about 12 countries to overcome the problems faced by the traders and rationalize the tax structure under GST to the limit that even a conventional businessman can easily adhere to the Goods and Services Tax (GST) provisions.
Recently, the efforts to further simplify the return and refund processes has begun at a full pace based on lodged complaints, in meetings among stakeholders at the zonal level across the country.
Sitharaman said that constant efforts are being made to bring transparency and remove the difficulties that upset traders. She also underlined the mandatory presence of DIN under GST Know everything about newly implemented DIN (Director Identification Number) code under GST along with benefits. The DIN code has been operational since 8th Nov 2019 on every tax notice or order and invalidity of notice without DIN (Document Identification Number) to prevent illegal recovery and exploitation.
She also informed that the government has set up a separate ministry for internal trade for the first time. The Department for Promotion of Industry and Internal Trade (DPIIT), formed under the commerce ministry, is working on several schemes, including traders’ pension schemes. It will also keep an eye on all the challenges facing internal trade.
A separate committee has been formed under the chairmanship of the Revenue Secretary to dig out the methods and means to ease GST.