- Government is planning an easier set of compliance norms for small businesses with annual turnover of under Rs 20 lakh
- The move comes with the motive of widen the tax base to plug loopholes and make GST more broad-based
- The new compliance mechanism is being worked out by the Central Board of Excise and Customs
The move comes shortly after PM Narendra Modi triggered a debate about registering those below the current threshold of Rs 20 lakh. Earlier this month, Modi had urged tax officers to ensure that benefits of GST reach the common man and even small traders with a turnover below Rs 20 lakh are registered under the new tax regime.
At the same time, the government recognises that the current mechanism may be cumbersome. “It should be like Saral (the income tax form), which should be a single-page form with only the sales and purchase details to be furnished,” a senior government official, who did not wish to be named, told TOI.
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The new compliance mechanism is being worked out by the Central Board of Excise and Customsbut it is still at conceptualisation stage. Based on the plan, rules will be finalised by the GST Council.