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- To mark two years of GST implementation on 1st July 2019,the Finance Ministry has unveiled a new return filing mechanism besides a host of other reforms to simplify the indirect tax system.
- The finance minister has also said that GST has led to (a)Simplified Tax Structure (b)Easy Compliance (c)Seamless flow of tax credit and (d)creation of unified common national market.
- Further,the reforms which were introduced under the GST in the current fiscal are-
- New return system:This will enable traders to file returns in a single format once a month instead of multiple ones.SAHAJ & SUGAM Returns for small taxpayers are also proposed.
- Single Cash Ledger:Rationalisation of Cash Ledger in such a manner that earlier 20 heads are merged into 5 major heads.There is only one Cash Ledger for Tax ,interest,penalty,fee & others .
- Single Refund Disbursing: The Central or State Government which sanctions refund disburses all four major heads of refunds namely CGST, SGST, IGST and Cess.
- Threshold limit for goods: Threshold Limit of Rs 40 Lakhs is offered of suppliers of goods as per the choice of States.
- Composition Scheme for Services: Composition Scheme for small service providers up to annual turnover of Rs 50 lakhs with a tax rate of 6%
- E-invoicing system: Electronic invoicing system in a phase-wise manner for Business to business transactions is proposed to be introduced.
- GSTAT:GST Appellate Tribunals are being established at various State Headquarters and area benches also.
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