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The Consumer Welfare Fund was formed under The Central GST Act. The GST law is hard on anti-profiteers. Profits made from input tax credits under the new indirect tax law have to be passed on to the end consumer.
The GST law defines strict penalty rules and offences guidelines for Indian taxpayers to follow and ensure frictionless intrastate or interstate goods movement, reduce corruption and efficient tax collection system.
Taking cues from the debacle faced by the Central Government and the GST Council during the first launch of GST E Way Bill for transporters, the government has decided on a phased rollout of the e-way bill services for transporters.
GST was a complete overhaul of the existing taxation system in India. Powered by the GSTN Network, it was India’s first big step towards a true digital economy.
After normalizing the GST rates in the first phase of GST rollout, now the GST is paying heed in the next phase to anti-tax evasion.
After E-way bills roll out, less than 200,000 E-way bills generated on the day 1 as the anti-tax evasion measure under the GST, although the authorities set up for the higher volumes on April 2.
Electronic Bill or the e-way bill will come into effect from April 1, 2018. E-way bill is an important step towards India’s dream of becoming a digitally driven Tax Economy.
The GST was supposed to make Indian Taxation System Good and Simple. But after more than eight months down the line, it seems that the new GST regime is marred by technical glitches and operational complexities.
The GST Council may soon pass on a proposal to allow businesses with zero (nil) tax liability for six continuous months to file GST returns bi-annually.
