GST|Historical tax reforms complete two years of GST||AllBestNews||

Historical tax reform will be two years from the GST, today and the changes

There was a lot of fluctuation in the two years of the GST implemented by the Modi government, so there are many important changes in the country. Nowadays, that is going to be some more changes since July 1, 2019.

Two years have passed since the country's Historic Tax Reform Goods and Services Tax (Goods and Services Tax-GST) has been implemented. It was implemented on July 1, 2017. In two years, the GST route was quite fluctuating, so there are many important changes in the country. Nowadays, that is going to be some more changes since July 1, 2019.

These will be new improvements

The new changes that are going to take place in GST from July 1, 2019 include new returns system, rationalization of cash account book system, new returns form system. Rationalizing the cash account, 20 items will be included in five major accounts. There will be only one cash bookkeeping for tax, interest, penalty fees and other things.

New returns system

The new returns system will be implemented as a trial from July 1, after which it will be made compulsory from October 1. This will replace GSTR-3B (Summary Return) instead of GSTR-1 (Supply Return) System.

When a GST was applied, a trader had to return 36 returns in a month. But the new return system will have to file only one return in a month.

Single Mechanism of Refund

Refund for CGST, SGST, IGST and Cess will be approved under GST's Single Refund Mechanism. Apart from this, the composition scheme will be available for small service providers for annual turnover of upto Rs 50 lakh and they will have to pay tax at the rate of 6 per cent. There will be a phased electronic invoice system for business to business transactions. The GST Appellate Tribunal will be set up in the capital of all the states.

Success in two years

1. Despite tax deduction on all goods and services in GST, tax collection has been increasing. Against the revenue of Rs 93,590 crore in August 2017, revenue increased to Rs 1,00,29 crore in May 2019.

2. In the boundaries of the states, due to the movement of trucks uninterrupted, the transport has increased and due to this there is a reduction in the cost of transportation of logistics, which is around 15%.

3. Apart from this, having a single tax rate in different items has made it easy to pay tax.

These challenges are still

GST has been quite successful, but there are still many challenges in it. Some major challenges are as follows:

1. The process of filing returns has remained quite complex, which is now expected to be easy.

2. Service providers have to register in many places.

3. Difficult to deal with the dispute is that the jurisdiction is divided between the Center and the States.

4. Exporters have to struggle to get a refund.

5. Electricity, oil, gas, alcohol are still out of GST, how to get them brought to GST is a challenge.

(Based on the input of agencies)...