Over a year after the number of Goods and Services Tax (GST) slabs were reduced to two from four and tax rates were cut across the board for a consumption booster, the GST Council is set to take up comprehensive process reforms in the upcoming meeting on October 7. These will cover easing of procedures concerning penalties, refunds, registration, and availing input tax credits, according to official sources. The Council is also expected to prescribe a minimum threshold for show-cause notices, rationalise penalty amounts in cases that do not involve fraud, lower general penalty levels, streamline registration, and take measures to minimise mismatches and reduction of notices, the sources added. The Council may also decide on treating permanent transfer of title of Intellectual Property Rights as a supply of services, removing the late fee for delayed filing of returns by small taxpayers, and including Metro Rail systems for e-way bill generation, the council is also expected to approve an alternate mechanism for amending liabilities and input tax credit in returns to minimize mismatches and reduction of notices and intimations, sources said. Measures to facilitate correct reporting of tax liability details and input tax credit in form GSTR-3B may be taken up, along with steps to improve the user interface for filing of returns by the taxpayers, sources said. (ICE NEW DELHI)

Fonte notizia: Financial Express