There have been signs of recovery in the economy and there have been some major improvements shown by GST as said by Finance Secretary Ajay Bhushan Pandey. The ministry of finance has been working on bringing organizational changes within the GST and the method by which people generally file their annual tax returns. The recovery of the economy has been mainly on two aspects one being the collections shown on account of GST and the other one the structural changes being bought by the Finance Ministry such as how people file their returns and how they avail the input tax credit. Further, the Fianance Ministry will be working with the GST Council to work on further attributable of the rates. An excellent buoyancy had been created and the rationalization of the rates would further only provide a Phillip to the GST regime.
Not only accounting for GST, even from the income tax, customs tax, and the banks the analytics have been able to figure out the weaker spots and work on the weaker spots and be more compliment. Among the company base of around 1.2 crores, the GST Council was able to identify around a few thousand companies mainly the errant ones who have not been paying the taxes, either they had been understating or overstating to make someone else evade the taxes. On attributable of GST rates, Subramanian said, “On GST advice as the finance secretary was saying the composition especially the compliance part has been pondered upon and it had even been stated by the Finance Minister Nirmala Sitharaman that GST rates would further be rationalized. The statement of purpose was awaited by the Council in order to get the statement in motion and the very thought of the rationalization of rates being announced in a Budget is a very satisfactory sign.”
