Business News | Five Big States Get Permanent Seats in New GST Standing Committee
Get latest articles and stories on Business at LatestLY. Karnataka, Maharashtra, Uttar Pradesh, Gujarat and Tamil Nadu will be permanent members of a new Standing Committee under the GST framework, a senior government official said on Tuesday.
By Shailesh Yadav
New Delhi [India], October 13 (ANI): Karnataka, Maharashtra, Uttar Pradesh, Gujarat and Tamil Nadu will be permanent members of a new Standing Committee under the GST framework, a senior government official said on Tuesday.
The committee will have officials from 12 states: five large, four medium and three small. Apart from the five permanent members, the remaining seats will be filled on a rotational basis, with states changing every two years.
The Centre has asked all states to increase the GST tax base, offering data analytics and technology support. With rate rationalisation and procedural simplification complete, the focus now shifts to bringing more businesses into the tax net.
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"We have had discussions on improving the base and also the quality of disclosure. We can leverage technology to increase the base without the exercise being intrusive," the official said.
The Centre will work with GST Network (GSTN) on identified gaps, and some analysis has already been shared with states. India currently has 1.7 crore registered taxpayers, and officials indicated this number can be increased. A wider base is expected to boost tax revenue, while changes in return filing and invoice matching should help plug leakages.
States may be asked to implement e-invoicing in the business-to-consumer (B2C) segment from April 1. GSTN will launch a B2C app, as part of its portal, where customers can raise invoices.
Officials said businesses will be given incentives to shift to the new system, as the government aims to be "facilitative" rather than mandate it. B2C e-invoicing is also expected to generate data on all entities in the supply chain, from suppliers to the final seller. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)