The Indian Government on 1st July 2019 celebrate the second anniversary of GST on this ‘GST Day’ addressed by Finance Minister Nirmala Sitharaman and her Deputy Anurag Thakur. This is to be held in Ambedkar Bhawan, will be attended by Senior officers, Central, and State Tax Authorities.
There will be an overview of the two years of GST and the way ahead for the indirect tax management, as per official notification. The finance Ministry comes up with more reforms in the indirect tax system with the initiation of a new return system, rationalization of the cash ledger system and a unique refund-disbursing tool, amongst others.
Interestingly, the leader of new return filing, which will substitute the contemporary system of GSTR-3B and GSTR-1 would also be propelled on July 1, 2019.
GST has eased to check evasion, including by way of necessary generation of e-way bill for conveying goods over Rs 50,000, it said.
GST, which subsumed 17 local taxes, was pushed out on the middle night of June 30 and July 1, 2017, in a celebration conducted in the central hall of the committee.
GST changed India into ‘One Nation, One Tax’ and obliges the nation into an economic union, it continued.
Across the current two years, GST has been analyzed with tax rates being reduced for almost 500 products and return filing system streamlined.
The ministry said it will start the new return system on a trial basis from 1 July and on a compulsory base from 1 October. At the event, a book on ‘GST for MSME’ will also be revealed
With respect to exclusive cash ledger, the Government will deliberate the ledger in such a way that previous 20 heads are consolidated into 5 important heads, the Ministry stated. There is a single cash ledger for tax, profit, penalty, charge, and others.
“Sahaj & Sugam returns for small taxpayers are recommended,” it said.
A single refund-disbursing mechanism will come into action wherein the Government which approves refund disburses all four primary heads of refunds namely SGST, IGST, CGST, and cess, the ministry said.