A Committee has been set up by GSTN for the suggestion on the new GST system. This committee will give the recommendations on policies and technology. Committee will formed with the representative from different states recommended by GST Council, member secretary of GSTN, a representative from the central board of indirect taxes and custom and independent experts to give the suggestions on policies and technologies as per an issued office order.
There is also a representative of the trade and industry bodies (CII, FICCI and ICAI). It will give the suggestion or make a forecast that when significant changes are introduced to the system, or when business processes are examined. According to the order “Provide feedback on procedures and processes from point of view of tax payers and tax consultants,”. A chairperson will be elected by the committee at the beginning of every meeting, whereas the strength of the quorum will be third of the total members of the committee.
This committee comes in effect as taxpayers facing many issues while uploading returns on the GST Portal website.
There is also a news that center will soon release another 35000 crore to compensate for the revenue loss on account of GST rollout. As per the GST Law, states are must pay for loss of revenue loss of 5yr, if there is no increment in revenue more than 14% on the base year of 2015-2016. Compensation payment in the year 2017—2019, 2018-2019 were same as there is no changes between the centre and states.
Its mandatory for importers and exporter to declare GSTIN in the document from February 15 as the revenue department moves to clampdown evaders and plug GST revenue leakage. A circular of CBIC said that in some particular cases the importer and exporters did not declare their GSTIN in the bill of shipping bill despite being registered with GSTN.
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