As the Government is planning to amend the Goods and Services Tax ( GST ) laws, which turns a year old in this July, the GST Law Review Committee reportedly identified 180 issues in the current tax regime, reported DNA.
This is with a view to smoothen the functioning of GST even further.
“The (GST law review) panel has identified about 180 issues and put forward its suggestions before the GST Council.
The Council is looking into the suggestions and some of these are proposed to be discussed in the monsoon session (starting from July 18) of Parliament. The Law Drafting Committee is working on the draft,” a person aware of the development told the paper on condition of anonymity.
Suggestions including single registration for a taxpayer across India, change in the definition of ‘supply’ under Section 7 of the central GST (CGST) Act, and doing away with the precondition of matching returns with claims for availing input tax credit (ITC) etc., are in the list.
Trimming of the ITC negative list, further simplification of returns filing, the inclusion of petroleum products as well as merging of 12 percent and 18 percent rates slabs are also on the anvil.
Other recommendations include the proposals for a single audit for all taxes against the multiple audits by different authorities and centralization of Authority for Advance Rulings (AAR). The body is also exploring the possibility of including petroleum products under GST.
