Revamping GST: Streamlining Compliance with New Monetary Limits
The Central Board of Indirect Taxes and Customs (CBIC) plans to introduce monetary limits for GST demand notices, aiming to prevent frivolous demands. Aiming to foster trust between businesses and authorities, this initiative will streamline compliance by focusing on significant cases, thus reducing administrative efforts and legal disputes.
- Country:
- India
The Central Board of Indirect Taxes and Customs (CBIC) is taking steps to curtail trivial GST demand notices by setting monetary limits. This move, aimed at improving compliance and reducing administrative burdens, was announced by CBIC member Shashank Priya.
The strategy involves instructing field formations to avoid issuing demands on unsubstantial grounds, coupled with senior officer mentorship. The initiative highlights a significant cultural shift: embracing fair adjudication and dropping unfounded demands.
Additionally, the GST return process is being simplified, with a focus on automation and easing the e-invoice process for smaller businesses. This approach is expected to enhance transparency and efficiency, securing supply-side data and fostering trust between authorities and taxpayers.
(With inputs from agencies.)
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