The Bihar Deputy Chief Minister and GST Network GoM panel head Sushil Kumar Modi hinted towards the abolishment of the highest GST rate in the slab i.e. 28% as soon as possible.
The same was indirectly confirmed by the deputy chief minister as he said that that the GST revenue collections are on the higher side and states would not need any compensation in the case of the shortfall.
And the same fact suggested that if the states would be collecting higher GST revenue collection which ultimately leads to no sense of higher 28% GST rate.
The minister was addressing at the Federation of Jharkhand Chamber of Commerce and Industries (FJCCI) to the businessman and traders and where he cemented the fact that soon there will be only 3 GST rates.
Even if the minister has said that the highest 28% GST might go away soon, but it is the final decision of GST council which can make the necessary changes in the GST rules and provisions.
It was also known at the conference that in the upcoming future, the businessman and traders would be filing only 1 return in three months rather than the present system of monthly returns.
There are multiple reforms that are in the pipeline as of now including Sahaj & Sugam Forms developments and for the zero tax return which they have to only send an SMS.
Along with the GST slab rate, the minister also tried to caution traders upon the generation of fake invoices on which he mentioned that the IT department is becoming stronger and vigilant day by day so better be safe.
Talking on the point of GST E Way Bill, the minister said that the trucks would soon be carrying RFID tags which would further detected at any toll tax so that GST e-way bill can be accounted.
