Sunday, September 19, 2021
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One monthly GST return welcomed

It refers to welcome and much-awaited decision of GST-council to have just one monthly GST returns. Such simple requirements should rather have been there initially to avoid unnecessary criticism, harassment and disliking for otherwise a very good system.

However, providing heavy two per cent incentives on small digital payments will not serve any useful purpose other than government unnecessary losing its revenue and putting ordinary ones not very much familiar to digital payment procedures at the risk of fraud people. If the Central government is really sincere towards cashless economy, it should concentrate more on payments exceeding say Rs 10,000. Currency-circulation excess than of before demonetisation with Rs 2,000 notes went in parallel economy of black money proves that government is also losing much on collection of GST apart from Income Tax. Monthly cash-withdrawal limit per individual should be Rs 96,000 to be gradually reduced to Rs 50,000, so that people requiring big payments may do so through credit-debit cards. Incentives if given should be in form of making all transactions big or small through credit-debit cards may have no transaction-charges. Ideal is to collect GST on one initial point, and rest others in channels may have to issue invoices certifying that GST has been paid on root-level. This will make invoices made with only one net payable price inclusive of GST. Presently consumers prefer not taking invoices to save GST imposed extra on invoices.

MADHU AGRAWAL

(The views expressed by the author in the article are his/her own.)

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