Today's Paper

Centre to celebrate two years of GST

The Centre will celebrate two years of the Goods and Services Tax on Monday. Minister of State for Finance Anurag Thakur will preside over the event, the government said on Sunday.

Monday also marks the first day of the trial run of the new return-filing system, announced by the GST Council at its latest meeting. It is expected to simplify the process.

It will increase the information available with the government to curb leakages.

The Centre will also introduce a cash ledger system that will merge the earlier 20 heads into five major heads. There will be only one cash ledger for tax, interest, penalty, fee and others, the government said in a statement.

“The introduction of the GST is a game changer for the Indian economy as it has replaced a multi-layered, complex indirect tax structure with a simple, transparent and technology-driven tax regime,” the government said.

It will increase the information available with the government to curb leakages. The Centre will also introduce a cash ledger system that will merge the earlier 20 heads into five major heads. There will be only one cash ledger for tax, interest, penalty, fee and others, the government said in a statement. “The introduction of the GST is a game changer for the Indian economy as it has replaced a multi-layered, complex indirect tax structure with a simple, transparent and technology-driven tax regime,” the government said.