Fintech News | Fintech Zoom

GST Revoulutionizing Taxation System In India: Prakash Kumar – eGov Journal

India, one of many world’s fastest-growing economies is on a path to transformation. With the Indian authorities’s schemes and programmes to open new alternatives for companies, overseas investments, improvement, and so forth. is a number one instance of India’s path to be a developed nation. To usher in mild, the federal government’s efforts for remodeling the world’s fifth-largest financial system, Elets Technomedia organised India Transformation Summit from July 10 to July 12.

The three-day India Transformation Summit witnessed eminent audio system from varied walks of life. Audio system starting from famend policymakers, senior authorities officers to trade leaders and area consultants offered their paradigm on how India is remodeling. The summit was graced with the presence of the Union Minister for Street Transport and Highways and the Minister for Micro, Small and Medium Enterprises, Nitin Gadkari because the Chief Visitor.

The inaugural session of the summit commenced with Particular Handle by Prakash Kumar, Chief Govt Officer (CEO), Items & Service Tax Community (GSTN), Authorities of India. Mr Kumar put for ahead and account of three years of the implementation of the GST and centered his tackle on what has been finished to place in place the apt infrastructure for the implementation of GST.

Mr Kumar, talking of the figures stated, “When we started we had 63.5 lakh taxpayers, whereas, now we have over one crore taxpayers. And, these alone had filed for over Rs 47 crore returns. The payment transactions are more than Rs 14 crore and total invoices which have been uploaded on the portal has reached over 900 crores so far.” Furthermore, there have been funds made from almost Rs 25 lakh crore, E-way payments which have been generated is Rs 127 crore and in a day, most there had been Rs 24 lakh of return submitting and Rs 10 lakh cost transactions, he added.

READ  Fintech Applied sciences Market Measurement Evaluation, High Producers, Shares, Development Alternatives and Forecast to 2026 – Science In Me

Additionally Learn: Aatma Nirbhar Bharat Abhiyan will strengthen MSMEs, Rural & Tribal sectors: Nitin Gadkari

To create such a strong system, the authorities went for string technique planning and efficient implementation as there are a number of stakeholders and a number of departments however the taxpayers have to be supplied one single platform, acknowledged Mr Kumar. As well as, he stated, “However, the officers would be working in their respective departments and hence we needed a robust system which is communicative and flexible. This was important so that the data from the single user interface can be fed to the departmental computers and their actions can be reflected on the taxpayers’ portal to intimidate them about the status.”

“This one of the taxpayer’s portal in the world which is an open-source”, added Mr Kumar.

As per Mr Kumar, it was already recognized to the authorities that the GST portal can’t cater to particular wants of all varieties of trade and commerce. Therefore, “Over a year before the launch of the GST, we started working with the Fintech companies in India so that we could develop an ecosystem for these companies provide solutions which are required by industry. As well as help them to prepare and file their return documents”, instructed Mr Kumar. Subsequently, the authorities shortlisted 59 Fintech firms as GST Suvidha Suppliers (GSPs) and so they in flip chosen over 900 service suppliers, he added.

Additionally Learn: India’s Energy Sector Evolving with Know-how: Ajitabh Sharma

So having such a system in place, the taxpayer has two selections both to go to the net portal and file the for returns or they’ll attain out to any of the GSP and ask for customised options.

READ  An Early Fintech to Publicly Commerce Shares, CoAssets Delists from ASX, Proclaims New CEO

Mr Kumar concluded his tackle by saying, “The journey has been a rollercoaster ride for us because when we started the laws were getting framed and we were getting updates about the laws every now and then. Besides that, there was a paradigm shift for taxpayers as they have to fie everything electronically now. The user does not have to give data to multiple places but a single window which can be accessed by the respective departments when needed provided the user allows by giving consent.”

Comply with and join with us on Fb, Twitter, LinkedIn, Elets video

Eletsonline News

Jung Min-seo


Add comment