In a notification, the CBIC said that the Government shall constitute a Standing Committee with a Chairman, a Vice-Chairman, a Member Secretary and such other members for managing the fund and making recommendations pertaining to usage of its proceeds.
The GST Council, headed by Finance Minister Arun Jaitley and comprising state counterparts, had last month discussed two models of GST returns and suggested that the GoM would discuss further simplification.
Section 171 of the CGST Act provides that any reduction in the rate of tax on supply of goods or services, or the benefit of input tax credit, shall be passed on to the recipient (consumer) by way of a commensurate reduction in prices.
If needed, GSTN may request field formations of the Centre and states to collect additional document and data etc or verify the same to identify taxpayers, who should be allowed this procedure, the finance ministry said.
“This extension is expected to bring substantial relief to traders who were struggling with system issues for filing the said form,” EY Partner Abhishek Jain said.
The e-way bill is being touted as an anti-evasion measure that would help boost tax collections by clamping down on tax evasion.
The GST suffers due to ambiguities and loopholes that came to light only after its implementation.
The arrest has been approved by Commissioner, Mumbai Central, K N Raghavan and executed by Additional Commissioner Manpreet Arora, Assistant Commissioner Anand Gokhle and Superintendent Parecha.
This was even as over 1 crore businesses are now registered for GST ( just over 87 lakh taxpayers are required to file the monthly returns).
Arun Jaitley also said that a single rate cannot work at the moment and that there has to be a differential rate structure under GST in a country like India where there is economic disparity.
Genuine mistakes can be sorted out by discussion, but no place for deliberate evasion: CBEC chief
The study indicates that a short-term liquidity shock impacted firms in the export sector, with the firms with high working capital/sales ratio hit the most due to the liquidity constraints.
Under the e-way bill system in GST, every inter-state movement of goods with a value of over Rs 50,000 and being moved beyond 10 km, the transporter will have to generate an electronic bill on the designated portal.
It must increase rural investment, rationalise GST, income and corporate taxes to improve incomes and create jobs.
Total collections under the Goods and Services Tax (GST) in November had slipped for the second straight month to Rs 80,808 crore, from over Rs 83,000 crore in October.