With the royal ceremony in the central hall of Parliament, GST was implemented in its full swing on 30 June 2017 and was effective from 1 July 2017. On the occasion of the second anniversary of GST in India, today the finance ministry will introduce further new changes for good in the indirect tax system with the launch of new policies in return system, rationalization of cash ledger system and a single refund paying system as well.
Decisions will be taken in an event in the presence of Minister of State in Finance and Corporate Affairs Mr. Anurag Thakur along with other important members and officials from different departments.
Two years back, implementation of GST changed the whole scenario of Indian Economy but there was a vision behind changing the whole system, multi-layered and complex indirect tax system became simple and the whole tax administration became transparent and technology-directed.
Ministry said, the new GST tax reforms will be implemented from 1 July 2019 on trial basis to record the consequences of the changes and will become mandatory from 1 October 2019.
In its new cash ledger system, the government will merge 20 heads into 5 major heads to avoid complexities. There is only one cash ledger for tax, interest, fee, penalty, and others.
The ruling will be a single refund-assigning system where the government which sanctions the refunds will disburse four major returns namely, CGST, IGST, SGST, and cess.
The Event Concluded with the Following:
- As per the decision of the state threshold limit of Rs 40 Lakhs will be offered to the Suppliers of Goods.
- The compensation scheme is introduced for small service providers up to the annual turnover of Rs. 50 Lakhs with a tax rate of 6%.
- For B2B transactions electronic invoicing system are proposed to be introduced in a phase-wise manner.
- GST Appellate Tribunals are being established in various state head branches and area branches as well.
GST has brought together India as a single common market by breaking all the obstacles to inter-state trade and commerce. The government has brought business to ease by reducing the cost of the transaction, eliminating the streaming of taxes and pushing forward “Make in India” campaign.
It was further revealed that, in the event, the book on GST for MSME will be released and The Central board of Indirect Taxes and Customs officers will be awarded for the hard work and dedication in the implementation of GST, with the GST Commendation Certificate by Mr Anurag Thakur.
