GST

New GoM Aims to Resolve GST-Related IT Challenges

On 12 September 2017, the Union Finance Ministry constituted the Group of Ministers (GoM) to track and solve IT-related challenges in relation to Goods and Services Tax (GST) implementation.

On 12 July 2019, the said Office Memorandum (OM) has been modified partially. The Group of Ministers (GoM) will now comprise several officials under the convenorship of Sushil Kumar Modi, the Deputy Chief Minister of Bihar.

The officials included are Sudhir Mungantiwar, Minister for Finance & Planning, Government of Maharashtra; Himanta Biswa Sarma, Government of Assam; Bandeppa Kashempur, Minister for Co-operation, Government of Karnataka; Buggana Rajendranath Reddy, Minister for Finance, Planning and Legislative Affairs, Government of Andhra Pradesh; and Captain Abhimanyu, Minister for Department of Excise & Taxation, Government of Haryana.

Also Read: 36th GST Council Meet Date Announced, to be Held on 25 July 2019

GoM will receive additional assistance from Prakash Kumar (CEO, Goods and Services Tax Network).

GoM will be focussing on the following IT challenges (not limited to):

  • Exporters faced technical difficulties in the process of filing their refund claim forms.
  • Businesses had to collect and report transaction-wise details via the electronic portal. Large-sized companies felt that the entire process was quite a tedious task since they had to report a relatively larger number of invoices.
  • Users faced other IT-related issues such as:
    • Poor availability of the GSTN system.
    • Non-availability of specific forms and formats (bank guarantees for exporters and Letter of Undertaking).
    • Delay in the processing of refunds in relation to GST paid.
    • Transitional problems that still persist in carrying over of ITC from the old VAT/CENVAT systems.

The GST Council and the government are undertaking several other measures to address GST-related concerns on priority. Also, initiatives are being planned to make the present return filing system robust and functional. The committee aims to build scalable IT infrastructure so that the transition to the new GST return is smooth and hassle-free.

Share

Recent Posts

Mutual Funds: SIP Inflows Breach Rs 19,000-Crore Mark for the First Time in February ’24

The systematic investment plan (SIP) contribution in February 2024 has crossed a new milestone. The monthly contribution tipped at Rs…

9 months ago

Income-Tax Return: A Brief Note on Annual Information Statement (AIS)

The Income-Tax (I-T) Department has directed taxpayers to access the Annual Information Statement (AIS) via the e-filing official portal and…

9 months ago

Mutual Funds: All About SIP and Market Fluctuations

Considering the vagaries of the stock market, investors often ponder over reevaluating their strategies. Whether to continue to remain invested…

9 months ago

Income-Tax Saving Through Strategic Life Insurance Planning

Financial planning is beyond just investing wisely to save on taxes; it's also related to protecting oneself and one's loved…

9 months ago

Income-Tax Return: Here’s a Note on Tax-Saving Avenues

A salaried individual earning up to Rs 5-15 lakh as net salary on an annual basis must first take stock…

9 months ago

A Quick Take on Equity-Linked Savings Scheme

Equity-linked savings schemes (ELSS), also referred to as tax-saving schemes, are equity funds that invest a significant portion of their…

9 months ago