The Government has set up a new panel of industry representatives to implement a fresh set of changes to make GST easier and to avoid the existing glitches.
The six member panel committee was set up by the government to provide updates and changes in GST laws to the GST law review committee and to remove various glitches in the new tax regime introduced from July onwards.
Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and was applicable throughout India which replaced multiple cascading taxes levied by the central and state governments. GST made a lot of confusions to the tax payers and businesses from the beginning. Even now also, the tax payers are puzzled because of certain ambiguities and technical glitches.
Reportedly, the panel headed by the GSTN chairman Ajay Bhushan Pandey was formed to simplify GST and return filing to make the public more aware about their tax liabilities. In order to avoid confusions and mistakes the panel included more tax experts and also avoids the technical problems regarding the GST portal.
The new panel will be seriously consider the issues regarding the tax liabilities of small businesses, manufactures and restaurants and try their maximum to avoid the compliance burden. The central government has already been introduced E-way bill under the GST law. Electronic Way Bill (E-Way Bill) is basically a compliance mechanism wherein by way of a digital interface the person causing the movement of goods uploads the relevant information prior to the commencement of movement of goods and generates e-way bill on the GST portal. It is a mechanism to ensure that goods being transported comply with the GST Law and is an effective tool to track movement of goods and check tax evasion.
Confusions regarding E-way bill and input tax credit will also be considered by the fresh panel.
