Major Reforms are Proposed in Administration of GST Regime under the Union Budget 2020-21

Major Reforms are Proposed in Administration of GST Regime under the Union Budget 2020-21.

 

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A simplified GST return will be implemented from the 1st April, 2020. It will make return filing simple with features like SMS based filing for nil return, return pre-filling, improved input tax credit flow and overall simplification. The refund process has been simplified and has been made fully automated with no human interface.

Aadhaar based verification of taxpayers is being introduced which will help in weeding out dummy or non-existent units.

The Union Budget has proposed Dynamic QR-code for consumer invoices. The GST parameters will be captured when payment for purchases is made through the QR-code. A system of cash reward is envisaged to incentivise customers to seek invoice.

Electronic invoice is another innovation wherein critical information shall be captured electronically in a centralized system. It will facilitate compliance and return filing.