2nd anniversary of Goods & Services Tax to be celebrated on 1st July 2019
KS Diwan/ royalpatiala.in/ Chandigarh
The second anniversary of Good & Services Tax (GST) will be celebrated tomorrow with Union Minister of State of Finance and Corporate Affairs Anurag Thakur presiding over the event.
Subhash C. Garg, Secretary, Department of Economic Affairs, Dr. Ajay Bhushan Pandey, Revenue Secretary, Secretaries of the Ministries of Finance, P.K. Das, Chairman CBIC, Members of CBIC, and senior officers of various Ministries of Government of India will also attend the event. Senior functionaries of the apex chambers of commerce, trade and industry will also be present in large numbers. Similar functions will be held across the country in all States and Union Territories.
GST was launched on the 1st July, 2017 in a majestic ceremony held in the Central Hall of Parliament on the midnight of 30th June, 2017. Hence, the Government alongwith partners from the trade and industry is celebrating the 2nd Anniversary of GST on 1st July 2019.
However, the implementation of GST has not been without challenges especially in the early months. But thanks to the cooperation of the Trade and Industry and the yeoman service rendered by the GST authorities of the States and the CBIC, these challenges have been overcome and GST has now settled down. Hence, the Government is commemorating the true spirit of Growing and Sharing Together (GST).
At the event a book on “GST for MSME” will also be released. The distinguished officers of CBIC who have put in hard work in the implementation of GST will be awarded ‘GST Commendation Certificates’ by the Union Minister of State Anurag Thakur.
Further reforms in current fiscal (2019-20):
- New return system: Introduction of New Return System on trial basis from 01.07.2019 and on mandatory basis from 01.10.2019. SAHAJ & SUGAM Returns for small taxpayers are proposed
- Single Cash Ledger: Rationalisation of Cash Ledger in such a manner that earlier 20 heads are merged into 5 major heads. There is only one Cash Ledger for Tax , interest, penalty, fee & others .
- Single Refund Disbursing: The Central or State Government which sanctions refund disburses all four major heads of refunds namely CGST, SGST, IGST and Cess.
- Threshold limit for goods: Threshold Limit of Rs 40 Lacs is offered of suppliers of goods as per the choice of States.
- Composition Scheme for Services:Composition Scheme for small service providers up to annual turnover of Rs 50 lacs with a tax rate of 6%
- E-invoicing system: Electronic invoicing system in a phase-wise manner for B2B transactions is proposed to be introduced.
- GSTAT:GST Appellate Tribunals are being established at various State Headquarters and area benches also.
The introduction of GST is a game changer for Indian economy as it has replaced multi-layered, complex indirect tax structure with a simple, transparent and technology–driven tax regime. It has integrated India into a single, common market by breaking barriers to inter-State trade and commerce. By eliminating cascading of taxes and reducing transaction costs, it will enhance ease of doing business and provide an impetus to ‘Make in India’ campaign.