India

GST will benefit exporters in long-term assures Finance Secretary; Panel proposed GST revamp

GST will benefit exporters in long-term assures Finance Secretary; Panel proposed GST revamp
Written by Pallavi Parmar

Finance Secretary Hasmukh Adhia along with all the financial advisors of the ministries to review the impact of GST on the government projects on 9th December. As per the reports, Hasmukh Adhia will also review the position of revenue with senior officials. Hasmukh Adhia on Tuesday said GST is the game-changing tax reform which is appreciated by all. Also, he assured that in long-term exporters will be benefited from this tax regime. He also announced extra monetary benefits of Rs 8500 crores to boost exporters.

On Tuesday, the committee has submitted the report to finance secretary Hasmukh Adhia which includes the composition scheme for services, e-way bill 2019 and the reverse-charge mechanism and other key measures. To simplify Goods and Services tax government had set up the committee which proposed yesterday a wide-ranging revamp of the reform that will put in place on 1st July to make compliance easier.

According to the sources, the committee has also proposed the simplification of the return forms and excluding the exempted good from aggregate turnover. They also included the no interest charges on the late payments and the input tax credit of the office infrastructure. The panel in the composition scheme had proposed that those with the turnover up to one crore can opt for a flat tax without maintaining elaborate file returns and documentation.

Considering the complaints of traders and small businesses across the country about the provisions of the new tax as well as the compliance burden imposes on them, the panel proposed for improving efficiency, boosting growth and reducing costs.

About the author

Pallavi Parmar

Journalism is my profession, Blogging and Writing are my passion, Travelling is my love, Food is my life and Feminist by nature.

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