Form of words:
New Delhi: The Finance Ministry has constituted two committees of state finance ministers to review the existing tax slabs and GST exempt items, identify sources of possible evasion and suggest changes in the IT system.
The Group of Ministers (GoM) on rate rationalization will also review the inverted fee structure, recommend rationalization measures, including merging of tax rate slabs.
The seven-member panel, which will submit a report in two months, will be headed by Karnataka Chief Minister Basavaraj Bommai and include West Bengal Finance Minister Amit Mitra, Kerala Finance Minister KN Balagopal, Bihar Deputy Chief Minister Tarakishore Prasad.
It will also review the supply of goods and services exempted under Goods and Services Tax with a view to expand the tax base and eliminate breaking of the ITC chain.
The GoM on GST system reforms will identify potential sources of evasion and suggest changes in business processes and IT systems to prevent revenue leakage.
The eight-member panel, headed by Maharashtra Chief Minister Deputy Chief Minister Ajit Pawar, will include Delhi Deputy Chief Minister Manish Sisodia, Tamil Nadu Finance Minister Palanivel Thiaga Rajan and Chhattisgarh Finance Minister TS Singh Deo.
The panel will review the IT tools and interfaces available with taxpayers and suggest ways to make them more effective, identify potential use of data analysis for better tax compliance and suggest ways for better coordination between central and state tax authorities.
The decision to set up these two GoMs was taken by the GST Council headed by Union Finance Minister Nirmala Sitharaman on 17 September.
read also: 77% of Indians want petrol and diesel to come under GST, finds survey
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