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GST Laws and Rules

Uniform GST rates will reduce the incentive for evasion by eliminating rate arbitrage between neighboring States and that between intra and inter-State sales. HS Code of laws, procedures and rates of tax will make compliance easier and simple. There would be common definitions, common forms/ formats, common interface through GST portal resulting in efficiencies and synergies across the board. This will also remove multiple taxation of same transactions and inter-State disputes like the ones on entry tax and e-commerce taxation existing today. All this will also help in reduction in compliance costs; alleviate the need for multiple records keeping for a variety of taxes leading to lesser investment of resources and manpower in maintaining records. Common procedures for registration of taxpayers, refund of taxes, uniform formats of tax return, common tax base, common system of classification of goods or services along with timelines for every activity will lend greater certainty to taxation system. GST is largely technology driven. The interface of the taxpayer with the tax authorities will be through the common portal(GSTN). There will be simplified and automated procedures for various processes such as registration, returns, refunds, tax payments, etc. All processes, be it of applying for registration, filing of returns, payment of taxes, filing of refund claims etc. would be done online through GSTN. The input tax credit will be verified online. Electronic matching of input tax credit all - across India will make the process more transparent and accountable. This will encourage a culture of compliance. This will greatly reduce the human interface between the taxpayer and the tax administration leading to speedy decisions.

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