Tax Management India. Com TMI - Tax Management India. Com
Case Laws Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Manuals Articles SMS News Highlights
        Home        
Extracts
Home List
← Previous Next →

INTRODUCTION

Para 1 - Draft-Bills-Reports - Business Processes for GST - Payment - Report on - Business Processes for GST - Payment - [April 2015] - Para 1 - During the Empowered Committee meeting held on 10th March, 2014, it was decided that a Joint Committee under the co-convenership of the Additional Secretary (Revenue), Government of India and the Member Secretary, Empowered Committee should be constituted to look into the Report of the Sub-Group-I on Business Processes for GST and make suitable recommen .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

titute a sub-committee on GST Payment Process. Pursuant to that decision, the Member Secretary, Empowered Committee constituted the Sub-Committee vide his memorandum letter dated 3rd February, 2015 (Annexure-II). Shri V Rajendaran, DG (Government Accounts), CAG, Mrs. Krishna Tyagi, CCA, CBEC, Government of India, Shri Madan Mohan, Jt. CGA, Government of India and Shri G Sreekumar, CGM, RBI were co-opted as members of the Sub-Committee. Shri Ravneet S. Khurana, Deputy Commissioner GST Cell, CBEC .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ns. The meeting of the Joint Committee was attended by the officers as listed in Annexure III. 4. In modern day taxation regime, every transaction of the tax payer with the tax administration should be transparent, responsive and simple. It has been experience of tax administrations that more the system and procedures are made electronic more is the efficiency of tax administration and greater is the satisfaction of taxpayer. In this context, payment system of GST should also be based on Informa .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

with the required classification of heads of accounts indicated on the Challan; d) Designing the format of a new Challan for use by the taxpayers paying GST; e) Developing a detailed accounting procedure common to both Central and State Governments for GST, covering all relevant aspects of payments, accounting and related banking arrangements. 6. It is noted that under GST regime, some taxes and duties may remain outside the purview of GST and will continue to be collected in the manner prescrib .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

time, anywhere mode of payment of tax; c) Convenience of making payment online; d) Logical tax collection data in electronic format; e) Faster remittance of tax revenue to the Government Account; f) Paperless transactions; g) Speedy Accounting and reporting; h) Electronic reconciliation of all receipts; i) Simplified procedure for banks; j) Warehousing of Digital Challan. 8. With the above features in mind the following three modes of payment are proposed: a) Payment by taxpayers through Interne .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rized bank is used throughout this Document.) b) Over the Counter payment (OTC) through authorized banks; c) Payment through NEFT/RTGS from any bank (including other than authorized banks). 9. Mode of payment described at b) above will be available for payments up to ₹ 10,000/- per challan only. Model GST law may have suitable provisions in relation to this. However, there should not be any IT system constraints for this i.e. the systems should be able to receive payments through all three .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Discussion Forum
what is new what is new
 
 


|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version