Recommendation for GST 2.0
- 7 Sep 2019
- Views: 274
With the introduction of GST, Economy boost up and Tax revenue is increasing rapidly. changes are quite evident but there are some point which are need to consider for GST 2.0 Implementation. Policy makers need to consider some practical aspects which economy is facing.
1. Small Businessman are facing problem due to increased administration cost but apart from that they are facing problem of delayed payment & payment of GST on accrual basis. If a supplier raised a bill then he has to pay GST Tax to the Govt otherwise he will bear heavy late fine and penalties. If Supplier didn't receive the payment then also he has to pay the GST Amount which lead to burden of falling short of working Capital.
Small Businessman are demanding Receipt Based Tax payment which will be help them in effective use of their working Capital.
2. GST Rate on Television, Air conditioner, small cars, Refrigerator and more are taxed at 28% which are daily basic necessities that should be lower down to 18%
3. GST Council should simplify GST Return so it would be easier for Taxpayer to file their returns without any technical knowledge.
These are strong arguments for GST 2.0 Implementation which are need to consider by the council. These overhaul will simplify the GST Taxation and help in a smooth functioning of Business.
For any clarification you can contact Filing Samadhan.