Sairam
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As per the video conferencing on May 4, the Goods and Services Tax Council will have many things on the agenda, including adopting a simple method, which will make the government easier to comply, without compromising on income. It will consider government to impose a majority of the GST network, IT backbone and sugar cess for new taxes, which the farmers consider the farmers to be.
Sources said that the Council is keen to allow new IT model for tax payment, credit exchange and compliance monitoring (through semi-automated invoices-matching). A sustainable system that addresses both concerns of government and taxpayers is hanging from September last year, when the council effectively suspended the original system. While taxpayers are currently using an intermediate summary return to release their tax liabilities, the system does not have an anti-variant facility.
The taxpayer will not have to compensate for the new model approved by the earlier group of ministers; The IT system will provide monthly returns based on the uploaded data and the supply of income.
The system will periodically make a list of the defaulting suppliers on the payment of taxes and the taxpayer can focus on them for the investigation of theft. This model includes various features from the two proposed earlier systems - one by Infosys chairman Nandan Nileki, by a committee of officials and another - called the 'Fusion Model'.
Earlier this month, Finance Minister Arun Jaitley told the Income Tax department to investigate the possibility of moving the GSTN into a company promoted by the government. There is a long standing demand for several quarters, including NDA MPs, who have argued that sensitive data (which operates GSTN) must be under government control for safe use.
Sources said that the council could also consider 100% owned government in the company. Currently HDFC, HDFC Bank, ICICI Bank, NSE Strategic Investment and LIC Housing Finance - Five Private Financial Institutions - Holds 51% of GSTN, which was incorporated in 2013. The remaining 49 percent is with the center and the states.
Revenue Sharing Formula and Benchmark Rate Recommended by Rangarajan Committee - Fair and Beneficial Cost (FRP) - Proposed Sugar Cess is proposed to accelerate the interval between sugarcane mills, as decided by the Central Government. .
It was earlier stated that to ensure that farmers are better shaped timely and remaining mills are adequate, the solution of `1-1.50 / kg sugar will be sufficient. The Food Ministry has also written to the Finance Ministry and the Finance Ministry for advice if this can be actually levied.
Prior to the key general elections of 2019, between the remaining stocks of sugarcane in states like Uttar Pradesh and Maharashtra, a committee of Ministers including Shipping and Road Transport Minister Nitin Gadkari, Food Minister Ram Vilas Paswan and Petroleum Minister Dharmendra Pradhan also took the decision. Offer-based subsidy on sugarcane and the reduction in GST rates on ethanol (dirty by-product) from existing 18%.
Concerns regarding the health of the 27th meeting of the GTT Council are held by video conferencing.
