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Experts of 12 Countries Working to Simplify GST: FM

Experts Working to Simplify GST

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.

Disclaimer:- "All the information given is from credible and authentic resources and has been published after moderation. Any change in detail or information other than fact must be considered a human error. The blog we write is to provide updated information. You can raise any query on matters related to blog content. Also, note that we don’t provide any type of consultancy so we are sorry for being unable to reply to consultancy queries. Also, we do mention that our replies are solely on a practical basis and we advise you to cross verify with professional authorities for a fact check."

Published by Resham Aswani (Ex-Employee)
A B.com graduate, a certified pranic healer, and tax & accounting geek is currently pursuing correspondence M.B.A, always keen to learn new things and grow professionally. Resham Aswani has joined SAG Infotech as a content writer as she has a keen interest in research, writing and staying updated about the latest affairs in taxation and accounting sector. Resham likes to shed light on the current happenings in the taxation field by writing crisp, bold articles to keep her audience updated. View more posts
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