GST administration set for major overhaul

01 Feb 2020

1

Presenting Union Budget 2020-21 in Parliament today, union minister for finance and corporate affairs Nirmala Sitharaman said that a simplified GST return will be implemented from 1 April 2020, under pilot run. 

It will make return filing simple with features like SMS based filing for nil return, return pre-filling, improved input tax credit flow and overall simplification. The finance minister said that the refund process has been simplified and has been made fully automated with no human interface.
Sitharaman said that several measures have been taken for improving compliance and Aadhaar-based verification of taxpayers is being introduced. This will help in weeding out dummy or non-existent units, she added. The Union Budget has proposed a dynamic QR-code for consumer invoices. The GST parameters will be captured when payment for purchases is made through the QR-code. A system of cash reward is envisaged to incentivise customers to seek invoice, the finance minister said. 
Invoice and input tax credit matching is being done wherein returns having mismatch of more than 10 per cent or above a threshold are identified and pursued.
Electronic invoice is another innovation wherein critical information will be captured electronically in a centralized system. It will be implemented in a phased manner starting from this month itself on optional basis. It will facilitate compliance and return filing, the finance minister said.  

Business History Videos

History of hovercraft Part 3 | Industry study | Business History

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2 | Industry study | Business History

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1 | Industry study | Business History

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | Industry study | Business History

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more
View details about the software product Informachine News Trackers