As GST enters its second year, the government is planning to bring out some more changes to the existing structure of this indirect tax.
As GST enters its second year, the government is planning to bring out some more changes to the existing structure of this indirect tax. Not only this even e-way bill system will undergo further stabilisation. Designing and testing of the new return filing system, stabilising the e-way bill system and minor corrections in the GST-related laws, which may come up in the monsoon session, will be the 3 key focus areas of the government in the second year of GST, Finance Secretary Hasmukh Adhia told The Indian Express in an interview.
On being asked about the desired GST revenue collections level for this year, Finance Secretary said, “We hope to get at least an average of Rs 1 lakh crore for this year. It may vary from Rs 95,000-1,05,000 crore or maybe more or maybe less. But, end of the year, our expectation is that we should be getting an average of Rs 1 lakh crore (a month). It will build up over a period.
Furthermore, discussions will continue on bringing petroleum products such as petrol and diesel under its ambit. However, it’s for the Council to take the final decision in this regard. The GST Council will take a view whether they want to bring petrol and diesel under GST or not, Finance Secretary said. “As far as those two items (petroleum products and real estate) are concerned, it is for GST Council to take a view whether they want to bring these items in GST or not. Discussions will continue. When, I cannot say. It will be discussed at suitable time,” he said. On being asked about the probability of inclusion of natural gas and ATF under GST, he said, “Natural gas and ATF are “two easier candidates for inclusion” under GST, but the timing will have to be determined by the GST Council.”