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LATEST NEWS UPDATES | Govt planning steps to ease GST compliance burden on SMEs: Hasmukh Adhia -Gireesh Chandra Prasad

Govt planning steps to ease GST compliance burden on SMEs: Hasmukh Adhia -Gireesh Chandra Prasad

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published Published on Oct 23, 2017   modified Modified on Oct 23, 2017
-Livemint.com

The simplification process may result in some readjustment of GST rates, including a possible reduction in tax of some items that are in the highest tax slab of 28%

New Delhi: Policymakers are considering steps to ease the compliance burden related to the goods and services tax (GST) on small businesses and to make product classification for taxation less complicated, said revenue secretary Hasmukh Adhia.

The simplification process may result in some readjustment of tax rates, including a possible reduction in some items that attract the highest tax slab of 28%.

Products are now classified into various subcategories—in many cases, different subcategories fall in different tax slabs—under a code called the harmonized system of nomenclature (HSN) that existed before GST was implemented on 1 July. Such a detailed classification is hard to follow for small and medium enterprises (SMEs).

Addressing concerns of SMEs and harmonization of items for better tax compliance is on the agenda, Adhia said in an interview.

News agency PTI reported on Sunday said that the government is considering easing the compliance burden on SMEs. “There is a need for harmonization of items chapter-wise and wherever we find there is a big burden on small and medium businesses and on the common man, if we bring them down, there will be better compliance,” the report cited Adhia as saying.

The government’s willingness to calibrate the GST system is significant considering that tax compliance has been below expectations in the first three months since the new indirect tax was introduced. An easier compliance regime for SMEs is unlikely to impact the exchequer adversely as the lion’s share of indirect taxes comes from large corporations.

Mint reported on Saturday that a little over 3.94 million assessees paid the GST and filed returns for the month of September, slightly more than the 3.76 million returns received for the previous month.

The finance ministry had earlier said that it had expected 6.8 million returns for August.

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Livemint.com, 23 October, 2017, http://www.livemint.com/Politics/Yg0vw8WPttZBEFr3Bx4apM/GST-rate-structure-needs-complete-overhauling-Hasmukh-Adhia.html


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