GST to be simplified further

New Delhi Dec 4: The Government has appointed a 6 member panel of industry representatives to provide inputs to the GST law review committee, comprising officers, to overhaul the legislation and remove irritants in the new regime.

Sources said that the committee has reviewed the situation and has suggested some measures to make the implementation much smoother.
Some of the measures include making permanent for quarterly filing of returns for small taxpayers, currently, it is a temporary relief.The committee has also sugessted simplification of forms of tax returns.

Extention of composition scheme to services has also been suggested, currently, the scheme is only available to traders, manufacturers, and restaurants and the government has said that service sector is more prone to leakage.

Removal of the reverse charge mechanism so that the MSME would be benefitted but government believes that the mechanism ensures that
more people enter the tax net and the system is foolproof.

A suggestion was also made regarding to job works such as Artisans must be exempt under GST as they don't have the ability to deal with paperwork.

Finally, the committee has suggested that Input tax credit must be made available all across the board and not restrict it to some.