Published On: Sat, Jun 29th, 2019

GST Council to kick start phase II of implementation

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The initial hiccups of GST seem to have settled down by now and this is the right time for Finance Minister to kick start phase II of it.

It is learned the new phase may take up some unfinished reforms, agenda, rationalization and simplification of compliance procedures.

In March the GST Council reduced the rate for residential segment and now it is believed something similar could be done to the construction business. The tax on cement could be reduced. As of now, it is taxed at 28 percent.

It is also learned the council could work in bringing down the overall production cost of manufacturing industry. One of the elements is electricity and it is brought under the purview of GST.

Petroleum products too could be brought under GST ambit soon. It would be too early to say how the tax would be levied on the products, but probably a dent in the government treasury is to dominate it.

One more important sector is the automobile as lately it is struggling with less demand due to high costs and high price. Currently it is taxed 28 percent to 18 percent.

GST Council to kick start phase II of implementation

Apart from all these, one major reform is to introduce electronic tax invoice system (e-invoicing) to curb tax evasion cases.

GST has been facing increased compliance burden and it is learned the council could further simplify the return filing.

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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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