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.
