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Home / Latest News / Govt. sets up GST Panel for making fresh set of changes in the GST Regime

Govt. sets up GST Panel for making fresh set of changes in the GST Regime

December 4,2017:

Panel is considering that those providing job work such as the artisans, should be exempted from the GST as they do not have ability to deal with required paperwork.

Panel of industry representatives is all set to recommend a fresh set of changes in Goods and Services tax (GST) to make life easier for the businesses.

GST Council
GST Council

Six-member committee was set up by the Govt. to provide inputs to GST Law Review Committee, comprising officers, to overhaul legislation and remove the irritants in new regime that kicked in from July.

Govt. has already undertaken massive changes, including pruning list of the items in highest bracket of 28% to 50 from over 200 products earlier.

According to sources, Group has completed its work and identified at least a dozen areas where changes are required for smoother implementation.

While the several changes have brought as temporary relief measures, such as quarterly filing of the returns, the panel wants them to be made permanent.

This is in addition to suggesting the simplification of the forms, an issue that is also being dealt with by a committee headed by GST Network Chairman, A B Pandey.

Committee wants an overhaul of architecture, beginning with an extension of composition scheme to the services, a benefit that is currently available to the small traders, manufacturers and restaurants.

Scheme provides for a lower tax liability and a lower compliance burden but does not allow input tax credit on the taxes paid earlier in manufacturing chain. Govt. had earlier rejected scheme for the services, arguing that the sector is highly prone to leakage.

 

Proposals for the massive changes in export architecture are being finalised which will result in a return to pre-GST regime.

 

Sources state that Panel is expected to submit its report next week and wants that the input tax credit is available across Board instead of restricting it for some items.

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