The Indian economy is likely to recover from the pandemic. Some decisions have been opted by the GST regime. For example, the same proceeded towards the electronic compliance mechanism, electronic dissemination of notices, and avoidance of a physical interface. But on the rationalization of tax rates, procedural amendments under GST, availability of exemptions and availability of ITC, the system comes under hardship.
Tax Compliance
The government promotes its Digital India initiative. Various executions have been opted to simplify the compliance such as permitting the assessee to furnish the monthly or quarterly zero returns via SMS, the introduction of the quarterly return monthly payment system beneath the enrolled assessee whose average turnover is up to Rs 5 crore in the former fiscal year are permitted to furnish the returns on the quarterly grounds and furnish the tax on the monthly grounds and permitting auto-population of sales returns. The procedure seems to be the bigger decision for combining the taxation with the technology to furnish the advantage towards the assessee.
Determining Current GST Rate
Upon the amendment in the rate, the assessee continues to face the classification ambiguities. The same has an impact on the price and the goods or service availability. The same is expected for the faster solution, assessed to be imposed for seeking the GST Council/ Central Board of Indirect Taxes and Customs (CBIC) and the Authority for Advance Rulings (AAR) to seek clarifications.
Not Focus on Revenue But Try to Make Law Easier
GST is approaching towards its 5th year of executions, the same is urged that GST council must not focus on the GST revenue collection but the same indeed work to make the law easier, and begun more clarity in their functioning so that they would assist the Indian economy transition towards the subsequent phase of development for it.
There is enough time to recreate and begin the sweeping revisions in the current GST legislature, the process, and systems to proceed for the easier regime. The GST amendments on the conversion of the tax slabs, easier process of rules, and rejuvenation of the GST portal shall be important in the coordinates of making the GST regime more friendly and compliance GST regime.
