Finance Minister Nirmala Sitharaman announced significant measures following the 53rd GST Council meeting, aimed at streamlining tax administration and providing relief to taxpayers. One of the key initiatives includes the rollout of biometric-based Aadhaar authentication nationwide to curb fraudulent input tax credit claims through fake invoices. This move is expected to enhance the authenticity of transactions and combat tax evasion effectively.
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Additionally, the GST Council recommended extending the deadline for small taxpayers to submit their returns under GSTR-4 from April 30 to June 30, starting from the financial year 2024-25. Sitharaman also highlighted the waiver of interest and penalties on demand notices issued under Section 73 of the GST Act, excluding cases involving fraud or misstatement.
Moreover, services such as platform tickets provided by Indian Railways have been exempted from GST, aiming to ease the burden on consumers. The Council’s decisions also focused on trade facilitation and reducing compliance challenges for traders and MSMEs, underscoring efforts to promote ease of doing business and enhance taxpayer convenience.
These initiatives reflect ongoing efforts by the government to reform GST administration and ensure a more transparent and efficient tax regime in India.
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