Panel to augment GST revenue
- The terms of reference of the panel include making suggestions about systemic changes in goods and services tax (GST) including checks and balances to prevent misuse and measures to improve voluntary compliance. Also, it has been tasked to give inputs on measures for the expansion of the tax base.
- Policy measures and relevant changes needed in the law, improved compliance monitoring and anti-evasion measures using better data analytics and better administrative coordination also form part of its terms of reference.
- The committee shall submit its first report within 15 days to the GST Council Secretariat.
- The genesis of the introduction of GST in the country was laid down in the historic Budget Speech of 28th February 2006, wherein the then Finance Minister laid down 1st April, 2010 as the date for the introduction of GST in the country.
- Thereafter, there has been a constant endeavor for the introduction of the GST in the country whose culmination has been the introduction of the Constitution (122nd Amendment) Bill in December, 2014.
- GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017.