Revamped GST Structure - A Real One India One Tax is required
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While I appreciate the Intention behind GST, the GST framework seems absurd and anti to the ease of doing business. It is commendable for the Govt. to subsume so many indirect taxes under one law and we appreciate as it was not an easy task.
The Present structure of GST comprising of CGST, SGST, UTGST, IGST, Cess acts are purely due to the federal structure of India and separate power & function of the states and to create manageable revenue streams. However, the same has caused immense hardship in the implementation and the multiple registrations of the tax payers state wise is unwarranted.
One India one Tax is not really achieved in absence of centralized registration and is very difficult to manage. The state wise input tax credit are also not transferable to other states even under same PAN. The true essence can be achieved by having a single registration with a single Tax namely GST. (Similar to Service Tax in the earlier regime).
The distribution of revenue between the states and the centre can be done at the back end without making the people suffer. Why should people suffer due to the revenue collection structure. The whole country is confused and perplexed due to the complicated law and find it difficult to abide by it, despite having a good intension of following the law of the land.
1. Single Revamped GST Act (Single GST - no I,C,S,UT)
2. Free transferable credits across the country.
3. Multiple rates are fine considering the developing stage of India.
4.Quarterly Tax returns for all (GSTR 1,2,3 with matching concept is a very good idea)
5. The distribution of revenue between state and Centre should be done technically at the back end without thrusting the same of the public.
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