Has designed offline excel based template to prepare and file monthly return with maximum ease and minimum cost
Excel will generate JSON file that will be uploaded on GST portal
Tool can pull 19,000 line items from excel to generate 5Mb file in one go
Mobile App: GST Rate Finder launched - for android - have GST rate, chapter heading of Harmonized System of Nomenclature (HSN)
Cascading of Taxes
Japan, Australia, Canada - witnessed inflation after GST
Higher compliance cost for MSME can led to rise in inflation
What will reduce price - lower effective tax rate on large number of goods, input tax credit and improvement in supply chain
Tax GDP ratio could increase form 10% to 16%
India՚s public debt stand at 67%- highest amongst Asian economies except Japan
GST Benefits
Easier compliance
Easier inter-state movement of goods
Single interface for all
Reduction in Tax Burden
Reduce Biasness
Reduce litigation
Create Common Market
Enhance Export Competitiveness
Improve Ease of Doing Business for MSMEs
Transparent
Abolition of multiple layers of taxes
Mitigate cascading of tax
Increase voluntary compliance
Efficient administration by government
Challenges under GST
IT Preparedness & Infrastructure
Officers Training
New Registrants
Transitional Issues
Pending Cases and Past Disputes
Tax Administration (Alignment and Merger)
Inventory Check and Recording
Preparation for Procedure to be followed in Organization
Anti-Profiteering
If there is reduction in rate of tax on the supply of goods or services or benefit of input tax credit is now available under GST, then registered person must pass on the benefit by reduction in prices
National Anti-Profiteering Authority - chaired by secretary level officials to enforce it will refer suspect cases to director-general of safeguards under CBEC for investigation
Anti-Profiteering Rules, 2017 were laid down - 3 tier committee - standing committee, state and national committee
Empowered to make company lower the price, refund money to consumer or deposit it in Consumer Welfare Fund
If found guilty - will have to pay 18% interest on quantum of tax reduction that was not passed to consumer
Ways Forward
Malaysia - single GST rate 6%
Singapore - Single GST rate of 7%
India should move forward to single minimal rate for GST with minimum exemptions