Lawstreet Journal

Finance Ministry’s new strategy focuses on easing compliance to increase GST Revenue

Lawstreet Journal 7 Jul 2020 3:37am

Image courtesy: Lawstreet Journal Executive Finance Ministry’s new strategy focuses on easing compliance to increase GST Revenue

The government has recently decided to focus on easing the compliance for Goods and Services Tax (GST) for assessment benefits. According to the government, this may bring more revenue to them. It is thought that with easier and better filing and payment compliance, more taxpayers will submit GST returns on time.

Nirmala Sitharaman, Finance Minister and also the Chairperson of the GST Council said, “The government is committed to continuing on these (simplification and compliance-related) reforms in future as well to facilitate taxpayers.” 

She also said that the government “strived to make return filing process easy and simple for small taxpayers by introducing features like SMS-based filing for nil return. However, more efforts are required to ease tax compliance further for the taxpayers, especially MSMEs.”

She stated that the priority of the government is to address the compliances challenges the businesses and GST taxpayers face and by this, the much-needed economic growth can be ensured soon.

Anurag Singh Thakur, the minister of state for finance and the vice-chairman of the GST Council, said: “while a lot of work has already been done during the past three years for simplification of tax administration and easing the compliance for the taxpayers, much more still needs to be done.”

He also said that the return filing process needs to be made easier and processing the return and allowing input tax credit needs to be made faster.

The Finance and Revenue Secretary, Ajay Bhushan Pandey, emphasized the government’s priorities on GST and said, “We keep a continuous alert on the… Continue Reading...

Tagged: Nirmala Sitharaman  
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