Current Affairs

M Vinod Kumar Panel Formed to Review of GST laws

The government of India has formed a panel of experts to review the laws governing goods and services tax.
  • The panel is directed to remove the glitches of the GST law to make it smoother for businesses, especially the smaller players who have been complaining of a significant increase in compliance burden.
  • The committee will be headed by M Vinod Kumar who is GST chief commissioner for Karnataka.
  • The panel  is looking at the entire gamut of issues. 
  • The government is keen to view the recommendations to quickly move the amendments.
  • Amendments are necessary and some of them have been initiated from the end of a group of state finance ministers (GoM). 
  • The government officials themselves have pointed out the glitches which the new indirect tax regime holds. 
  • The GoM’s suggestion to increase the limit of the composition scheme to INR 1.5 crore from the present ceiling of INR 1 crore. 
  •  In addition to this, there are proposals stating the existence of anomalies pertaining to the anti-profiteering body where the excess input tax credit needs to be shared.
M Vinod Kumar Panel Formed to Review of GST laws  M Vinod Kumar Panel Formed to Review of GST laws Reviewed by insiya yadav on November 09, 2017 Rating: 5

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