GST: Centre, States to divide tax base

The Goods and Services Tax (GST) Council has put in place an elaborate framework for division of taxpayers between the state and central tax authorities, in a move aimed at bringing clarity and effectiveness in the administration of the new indirect tax regime.

The guidelines for the division of the taxpayer base between the Centre and states will ensure that a taxpayer faces only one GST authority – either the Centre or the state. "The list of taxpayers will be made public," said an official, adding that this would clear the air for not just the taxpayers but also the tax authorities.

The division will also clearly fix the responsibility for raising awareness about GST, with bulk of small traders falling within the jurisdiction of states.

According to the rules issued, 90 per cent of the assesses with a turnover of less than Rs 1.5 crore will be under the administrative control of states and the balance 10 per cent will be under the Centre. In the In the case of all taxpayers with turnover of over Rs 1.5 crore, the division will be 50:50.

The division of taxpayers at each state level will be done randomly by a computer using stratified random sampling to ensure there is no cherry-picking or selection or exclusion for some other reason or consideration. However, the selection could take into account geographical considerations and the type of taxpayer as may be mutually agreed.

Source: http://economictimes.indiatimes.com/news/economy/policy/gst-centre-states-to-divide-taxpayer-base/articleshow/60786483.cms

Comments

Investing in Gold: Bridging Tradition with Modern Strategies in India

Follow us on - LinkedIn - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube - https://www.youtube.com/user/aseemaggarwal92 Twitter - https://twitter.com/aseem252 Blog - https://aseemconsult.blogspot.com/ Gold holds a special place in the hearts of Indians, deeply rooted in tradition and culture. For generations, it has been a symbol of prosperity, a hedge against economic uncertainties, and an integral part of auspicious occasions. As we step into the modern era, the allure of gold remains, but the ways we invest in it have evolved. Let's delve into the world where tradition meets contemporary investment strategies in the context of gold in India. The Timeless Appeal of Gold For centuries, Indians have revered gold not only for its aesthetic appeal but also for its intrinsic value. Traditionally, gold has been acquired in the form of jewelry, coins, or bars, often passed down through generations as a store of wealt...

E-invoice enabled for businesses with annual turnover of Rs 5 crore

Follow us on - LinkedIn - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube - https://www.youtube.com/user/aseemaggarwal92 Twitter - https://twitter.com/aseem252 Blog - https://aseemconsult.blogspot.com/ Introduction: In a significant move to promote digitalization and streamline the tax system, the Indian government has introduced the concept of e-invoicing. Initially implemented for businesses with a turnover of Rs 100 crore or more, the government has now extended e-invoicing to businesses with an annual turnover of Rs 5 crore. This blog post explores the implications of this development and its potential benefits for businesses. What is E-Invoicing? E-invoicing is an electronic method of generating and sharing invoices between businesses and their suppliers or customers. It involves the creation of a standardized digital invoice format, which is then authenticated by the Goods and Services Tax Network (G...

GST standard rates may not be merged any time soon

Clubbing 12% and 18% rates may cause an annual revenue loss of ₹1 lakh cr: Official The Revenue Department does not think it would be appropriate even in the near future to merge the two standard rates of Goods & Services Tax (GST) into one rate. The existing GST regime has multiple rates: 0, 0.25, 1, 3, 5, 12, 18 and 28 per cent. The 12 per cent and 18 per cent rates are known as ‘Standard Rates.’ There has been talk of merging the two rates and having one standard rate of 15 per cent to simplify the GST structure. Also, it will help blunt the criticism of there being too many rates. (0.25, 1 and 3 are special rates. The 0.25 per cent rate is for uncut diamonds; 1 per cent is for affordable housing and 3 per cent for gold and silver.) “At this juncture clubbing of the two rates into one rate of 15 per cent might cause a revenue loss of approximately ₹1 lakh crore annually,” a senior Revenue Department official told BusinessLine . He further added that su...

KSA Infomatrix

Search This Blog