Complicating GST rules further to avoid false Input Tax Credit
Central Board of Indirect Taxes and Customs has further complicated system of Goods and Service Tax (GST) to check cases of false Input Tax Credits (ITC) with businessmen with monthly turnover of rupees 50 lakhs and above mandatorily required to pay at least one-percent GST liability in cash. Numerous amendments in GST structure in its short regime of introduction in India has proved that GST structure as a whole requires complete overhaul to make it simple-most in a manner than all those registered under GST may voluntarily and honestly comply with the system. Honest compliance of GST will result in reduction of Income Tax evasion also.
Input Tax Credit (ITC) is main source of corrupt practices under GST system. Best is to abolish 18-percent GST slab, and to retain ITC only on tradable...
