Quick Summary
A high-level Parliamentary panel has suggested to the government to look into the possibility of developing a mechanism for online audit in GST, in order to make the process more efficient and less intrusive. The Parliamentary Standing Committee on Finance in its report on demands for grants for Finance Ministrys Revenue Department, which was presented in Parliament on Thursday, has recommended that government should prepare a white list of documents that would be necessarily required for con
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FAQ :
The panel has suggested developing a mechanism for online audits of GST to make the process more efficient and less intrusive.
The current system requires physical appearances at GST offices, which consumes a lot of time for both assessees and department officials. An online system aims to streamline this.
The panel recommended preparing a white list of documents necessary for audits, which would act as a guidance note for officers and assessees.
Yes, the panel recommended further expanding the coverage of Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) to include more transactions involving large amounts of cash.
The panel suggested that search and seizure operations should be handled judiciously with adequate caution, ensuring due diligence is performed to avoid legitimate complaints and ensure tax realisation.
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