Panel to give feedback on new GST system : 10-02-2020

New Delhi: The Goods and Services Tax Network (GSTN) has set up a consultation committee to provide feedback on new functionalities in the GST system. Suggestions will be related to policy and technology. The committee, which will include representatives from selected states recommended by the GST Council, member secretary of GSTN, representatives from the Central Board of Indirect Taxes and Customs (CBIC) and independent experts, will provide suggestions related to policy and technology, as per an office order issued to the effect.

The panel will also have representatives from trade and industry bodies such as CII, Ficci and ICAI. It will provide feedback “when significant changes are brought in the system, or when changes in business processes are contemplated”, the order said. “Provide feedback on procedures and processes from point of view of tax payers and tax consultants,” it said. The committee will elect its chairman at the beginning of every meeting, while the strength of the quorum will be a third of the total number of members.

The setting up of the committee comes in the backdrop of taxpayers facing several issues while uploading returns on the GSTN website, and of the government seeking feedback from industry on the new beta version.

The Centre will soon release another Rs 35,000 crore to states to compensate for the revenue loss on account of GST rollout, an official said. Under the GST law, states are guaranteed compensation for revenue loss for five years if their revenue does not increase 14 per cent on the base year of 2015-16. There were no differences between the Centre and states with regard to compensation payment in 2017-18, 2018-19, and in the first four months of the current fiscal.

Importers and exporters will have to mandatorily declare GSTIN in documents from February 15 as the revenue department moves to crackdown on evaders and plug GST revenue leakage. In a circular, the Central Board of Indirect Taxes and Customs said that in certain cases the importer or exporter did not declare their GSTIN in the Bill of Entry/Shipping Bill despite being registered with GSTN.

Source : Economic Times

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