Published On: Sun, Jun 30th, 2019

GST 2.0 to knock doors of big businesses in October

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The GST 2.0 is learned to be rolled out later this year in October and initially it will only affect the big business houses. For the smaller businessmen, the updated version would go into effect from January 2020.

From July 1 the new tax system will step into its third year in India and the primary focus now is to simplify the procedures and crack down on tax evasion.

In the last 21 months, the average monthly collection of tax has been Rs 91,334 crore.

In a Group of Ministers’ meeting on Saturday, it was said those businessmen who have zero transactions or nil files could not be able to file the returns through SMS.

More to this, a new format named Sahaj has been set for filing the returns if the B2C business houses have annual turnover below Rs 5 crore a year.

According to Prime Minister Narendra Modi, Infosys has developed a GST software and online refund from one source as well as the online refunding process would be completed by September this year.

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Modi added that presently the exporters are finding difficulties in receiving the refunds.

Meanwhile, multiplexes are guided to sell tickets only in digital format to facilitate smooth checking of GST evasion. The same may also be made mandatory for single-screen theaters soon.

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About the Author

- Paul Linus is an eminent online journalist who has been writing news, features and editorials on different websites from across the world for about a decade. He can be contacted at knowledgeherald@gmail.com

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