Finance Ministry New Strategy to Ease Compliance for High GST Revenue

The government has decided that it will focus on easing down the compliance for GST (Goods and Services Tax) for the benefit of the assessments. The government thinks that easing will bring more revenues to the government. With better and easier filing and payment compliance, more taxpayers will submit the GST returns Get to know the online procedure of filing GST return in India. Also, we provide each and every GST form according to the taxpayers and category. Read More on time.

The chairperson of the GST Council, who is also the finance minister of the country, said, “The government is committed to continuing on these [simplification and compliance-related] reforms in the future as well to facilitate taxpayers. The government strived to make return filing process easy and simple for small taxpayers by introducing features like SMS-based filing for nil return. However, more efforts are required to ease tax compliance further for the taxpayers, especially MSMEs.”

She informed that the government is trying to address the problems faced by the businessmen and is actively working to remove such barriers for the betterment of the taxpayers and the government. According to her, only proactivity of compliance can ensure the overall growth of the economy as a whole. Steps are being taken by the government in the fourth year since the launch of the GST regime to ease the compliance laws. She said that although the GST has been simplified even further since the launch, the government is still trying to ease down the complicate norms for generating more and easy revenue.

The state minister of finance and vice-chairman of GST council, Mr. Anurag Singh Thakur said, “While a lot of work has already been done during the past three years for simplification of tax administration and easing the compliance for the taxpayers, much more still needs to be done. Return filing process needs to be made easier and processing of the return and allowing input tax credit (ITC) A complete guide for understanding the basics of input tax credit and it calculation with detailed examples under GST (Goods and Services Tax) India. needs to be made faster.”

Ajay Bhusan Pandey, the finance and revenue secretary said, “We should continue to improve all taxpayers’ convenience, more so in GST. We keep a continuous alert on the feedback coming from the taxpayers, tax experts, and other stakeholders. While we have achieved a lot, GST being a dynamic and live taxation system, we would continuously strive to improve things in terms of giving a better experience to taxpayers. To resolve these issues towards enhancing the ease of compliance and reducing compliance stress on taxpayers by further simplification of the tax administration, both the Centre and states are working together along with our implementation partner Infosys, whose chairman Nandan Nilekani is also personally looking into all such issues.”

He said that over the years, the problems faced by GST like initial glitches, teething problems, and stabilization issues have been addressed properly but some problems related to compliance should and will be addressed soon. It is very important to attend to such problems as soon as possible.

He also added, “We have tried to simplify the system during the last three years. But we need to go further for more simplification so that people are more at ease in filing returns and paying taxes. Ease of compliance is always a major catalyst and boost factor in the growth of revenue. It enhances taxpayers’ confidence in the system and lessens her/his tax stress. So it is a very significant aspect of the tax system towards creating a self-compliant society. GST IT system is undoubtedly a massive system where 1.2 crore people file returns every month. This is an unprecedented system and there is no parallel to this in the world in magnitude and scale. This month itself, we have provided further ease of compliance to taxpayers by facilitating for nil tax return filing via just an SMS. This reform has happened during COVID-19 situations.”

According to Pandey, the government trying to improve the GST platform and introduce technological advancement for the betterment of the portal. He also informed that the government will launch an Adhaaar-based instant registration feature that will remove the need for physical identification for the registration. The government has already launched the issuance of PAN card through Adhaar which will make the registration under GST View the complete amendment process in GST registration by step by step guide. Also, we have included how to amendment in core & non-core fields. Read Also even more convenient.

M Ajit Kumar, chairman, Central Board of Indirect Taxes These types of taxes paid on Consumption by the consumer but they do not pay directly to the government (unlike income tax). For example, GST, Sales Tax, VAT, Custom Duty and Octroi Tax and Customs (CBIC), also said that it is the need of the hour to assist and reach out to the taxpayers to solve their grievances, immediately.