Thursday, 8 October 2015

Reports of Joint Committee constituted by Empowered Committee of State Finance Ministers on Business processes of payment, registration and refund under GST

We are pleased to release the report of the Joint Committee constituted by the Empowered Committee of State Finance Ministers on Business Processes for Goods and Services Tax (GST) to make suitable recommendations regarding registration, payment and refund processes under the GST regime.

The Ministry of Finance released these three reports of the Joint Committee with respect to registration, payment and refund processes under the GST regime on 6 October 2015.

These reports give details about the proposed changes as recommended by the Joint Committees and also prescribes forms for various procedures under GST.

These reports have been released with a view to engage with the stakeholders and invite comments from the public at large. Comments / feedback on the draft Business reports can be submitted through the MyGov.in portal and the discussion threads with the feedback, which will be made available shortly on the Department of Revenue’s website.

Release of the business process related reports by the Joint Committee is a first welcome step by the Government in its journey towards GST implementation.

Various proposals on the compliance process as suggested in the reports would facilitate greater efficiency in tax administration and ease of doing business.

All the stakeholders should take this opportunity of providing feedback on the draft proposals to ensure that the Government addresses all the concerns and the hardships faced by the taxpayer in terms of compliances under the current tax regime.

From a completeness perspective, Government should now expedite putting the draft GST legislation in public domain.

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