DNA Money Edit: A simplified GST regime on the cards

Every eye is on the GST Council meeting today. The 27th meeting of the Council chaired by Arun Jaitley is expected to bring in a simplified tax return form, amidst many other proposals. The meeting takes place against the backdrop of an increased monthly tax mop-up of Rs 1.03 lakh crore in April, largely owing to the year-end payment of tax arrears. Of course, the new indirect tax regime, rolled out on July 1, 2017, has ended up collecting a total of Rs 7.41 lakh crore for the whole fiscal.

The Council will discuss on the new simplified form to be common for both small and large tax payers. The `Nil' return filers may be allowed to file return quarterly, instead of the monthly filing now. The Sushil Modi-led group of ministers had been working on simplifying the regime.

The Council should now aim to bring more people under the tax net. The introduction of e-way bill will surely plug several loopholes, and going forward, it, along with the enforcement measures, will definitely help the government expand the tax kitty. As chairperson of Central Board of Excise and Customs (CBEC) Vanaja Sarna rightly pointed out, more anti-evasion measures should be brought in, but maybe a few months after people got adjusted to the new regime.