New Delhi: On Thursday Union Finance Minister conveyed that, the new Goods and Services Tax (GST) regime, 320 crore receipts will be coordinated every month to ensure tax evasion. A big step towards eradicating corruption, Finance Minister conveyed that the simplified tax system had an apparatus to recognize tax evaders.
Referring a special programme on GST organized by BJP, Jaitley further conveyed that the traders didn’t have to fill up various returns. Finance Minister further added that, this is a destination regime. When the goods are sold, the state acquires the tax.
By 10th of every month, traders will have to just give information about the goods sold. They have to file a return online. This will form a chain and every month we will match 320 crore receipts. It will become easy to locate tax defaulters.
Emphasizing that numerous taxes and complex tax filing system had led to corruption, he further conveyed that it had become so complex that taxpayers, who sought to contribute in country’s expansion, wanted to evade it.
People had to file six-seven returns. If a trader precisely files the returns, he will get the appraisal orders online at the finish of the financial year. Other main advantage of GST, is that there will be “no tax on tax”. Economically weaker states, like the Northeast ones, “will get advantage from it”.
Jaitely also further added that, no finance minister can do it without the strong support of the Prime Minister. Modi was apparent that we have to commence the single-tax system. The administration’s decision to reimburse the losses incurred by the states in the initial five years was the cause all states came mutually.