Considering the growth in increase in the compliance burden of small businesses regarding Goods and Service Tax (GST), Government Officials formed a committee, headed by the GST Chief Commissioner of Karnataka Mr.M.Vinod Kumar, to review the laws governing GST.
The committee may suggest some major amendments relating to GST for minimizing the compliance burden of the tax payers. This panel will also provide a guideline for the tax payers and this will be an opportunity for them to clear their queries and confusions with the government directly and also reveal their suggestions regarding GST.
The GOM also recommended some changes like allowing businesses with turnover of up to Rs 1.5 crore to file returns and pay taxes every quarter, so the panel directed for extending the quarterly filing of returns facility to all taxpayers.
There is still some confusions exists regarding the anti-profiteering body. Reportedly, in order to clear this ambiguity, the Finance Ministry is working to set up a National Anti-Profiteering Authority to curb any unwarranted price hikes. Finance Minister Arun Jaitley had earlier said that the provision for an anti-profiteering authority would act as a deterrent and that the government does not intend to use it unless forced to.
Most of the chaos of GST affects each and every sector of business establishments hence this committee would serve the best to resolve those issues.
