Develop mechanism for online audit of GST: Parliamentary Panel on Finance
New Delhi, March 24 (IANS) A high-level Parliamentary panel has suggested to the government to look into the possibility of developing a mechanism for online audit in GST, in order to make the process more efficient and less intrusive.
The Parliamentary Standing Committee on Finance in its report on demands for grants for Finance Ministry's Revenue Department, which was presented in Parliament on Thursday, has recommended that government should prepare a white list of documents that would be necessarily required for conducting an audit and would thus become a guidance note for the officers as well as the assessees.
The panel gave these suggestions as it noted that assessees are being called to the GST offices for physical appearance, which consumes lot of time of not only the assessees but also the department officials.
The committee further noted that for widening the net of tax deduction at source (TDS) and tax collection at source (TCS (NS: TCS )), several new transactions were brought into its ambit, including huge cash withdrawals, foreign remittance, purchase of luxury car, e-commerce participants, sale of goods, acquisition of immovable property and virtual digital assets, among others.
"The committee believes that TDS and TCS method has over the years proved to be not only efficient and revenue buoyant but also non-intrusive in nature, which minimises discretion and promotes better tax compliance. While appreciating the initiatives taken by the Ministry thus far, the committee recommends that TDS and TCS coverage should be further expanded so as to cover more transactions involving large amount of cash," it said in the report.
On the search and seizure operations, the panel suggested that these operations should be handled judiciously with adequate caution.
"It is expected that due diligence is fully carried out before undertaking these enforcement operations, so as to pre-empt legitimate complaints and to ensure due realisation of tax therefrom. The committee is of the view that while stepping up enforcement action against wilful or chronic evaders, honest taxpayers should not be alienated," the panel recommended.
The committee also urged the government to make the process of filing income tax returns simpler and more taxpayer friendly.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.
Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb
Drop an image here or