The Goods and Service Tax
system is going to complete four years tomorrow. During the four years,
several key policy initiatives have been taken by the government to make
the GST system and compliance mechanism simple, transparent and
technology driven.
Meanwhile Prime Minister Narendra Modi today said, GST has been a
milestone in the economic landscape of India. Mr Modi said, it has
decreased the number of taxes, compliance burden and overall tax burden
on common man while significantly increasing transparency, compliance
and overall collection. It has been four years since the introduction of Goods and Services Tax (GST) law, country’s biggest tax reform, on July 1, 2017.
GST is a remarkable example of cooperative federalism wherein all the
decisions have been taken in the GST Council by consensus. By replacing
multi-layered, complex indirect tax structure, GST subsumed more than a
score of taxes and paved the way for making India an economic union.
The introduction of the Goods and Services Tax is a very significant
step in indirect tax reforms. It came into effect from 1st of July in
2017. It promotes the idea of 'ONE NATION, ONE TAX, ONE MARKET.' With
the introduction of GST, Ease of Doing Business has significantly
improved in the country.
During the last four years, the Central Government in close coordination
with the States and Union Territories are continuously engaged in
making the GST compliance system simple and transparent. To make the
system hassle free, several key measures have been taken to reduce the
compliance burden. Quarterly return monthly payment facility has been
introduced from January this year to provide relief to the small
taxpayers. Under the scheme, taxpayers need to file their return on a
quarterly basis.
Earlier, taxpayers had to pay taxes on a monthly basis. The taxpayer who
availed this facility now required to file eight returns instead of 24
returns in a year. Around 90 per cent of the taxpayers under GST are
eligible to avail benefit under this scheme.
The Government has introduced a facility of Nil filing of GSTR-3B
returns by SMS which helped 22 lakh taxpayers. E-Invoicing Facility has
also been implemented which reduced time and cost for generation of
E-way bills which ensured hassle free movement of goods throughout the
country. Over 194 crore e-way bills have been generated so far.
To provide relief to the taxpayers and consumers during the COVID-19
pandemic, several medical equipments and medicines have been exempted
from IGST. Besides, the amount of late fees has also been reduced to
provide relief to the taxpayers.
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(With input from news agency language)
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