In a relief to the Central government amidst the criticism over the economic slowdown in the country; Sushil Kumar Modi convenor of Group of Ministers (GoM) on integrated GST on December 22 informed that the number of active GST taxpayers has reached to 1.21 crores out of which 66.79 lakh are new registrations.
Crux of the Matter
A range of measures to go after tax defaulters and simplifying the GST filing process was discussed by the GST council in Bengaluru.
A new user-friendly return system has been decided to be launched from 1st April 2020 which is expected to be much simpler.
The GST Council is verifying the 66.79 lakh new registrations for identification of fake or shell companies.
The late fee of Rs.100 per day under the GSTR-1 or the outward supply has been waived.
GST council meeting has previously decided that if the firms don’t file 3B returns for two consecutive months, their e-way bills will be blocked.
Following which 3.47 lakh dealers e-way bills have been blocked by the system and as soon as the 3B return is filed, the system would automatically open for the e-bill to be generated
Sushil Modi also informed that only 15% of the new taxpayers have paid the taxes. Thus the states have started physical verification of the new taxpayers by visiting their premises.
Curiopedia
Goods and Services Tax (GST) is an Indirect Tax that came into effect from July 1, 2017. It has subsumed almost all the indirect taxes except few; multi-staged as it is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax, as it is collected from point of consumption and not point of origin like previous taxes. Goods and services are divided into five different tax slabs for collection of tax – 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax regime. More Info
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