USE DEBIT, CREDIT CARDS TO PAY GST
INDORE: Under the proposed Goods and Services Tax (GST) regime, individuals and entities can pay taxes online using debit or credit cards, the government said on Sunday. "With regard to payments, the best thing that will happen is all payments will have to be made online. You can use any mode of payment, electronic, NEFT, RTGS. You can do it through debit cards or credit cards of any bank," Revenue Secretary Hasmukh Adhia said while addressing the Global Investors Summit here. "You need not open an account in banks of government. Even if you have account in a private bank, you can transfer money and it will reach the government," Adhia said.
Under the proposed Goods and Services Tax (GST) regime, individuals and entities can pay taxes online using debit or credit cards, the government said on Sunday.
"With regard to payments, the best thing that will happen is all payments will have to be made online. You can use any mode of payment, electronic, NEFT, RTGS. You can do it through debit cards or credit cards of any bank," Revenue Secretary Hasmukh Adhia said while addressing the Global Investors Summit here.
"You need not open an account in banks of government. Even if you have account in a private bank, you can transfer money and it will reach the government," Adhia said.
The top officer said GST will make it easier for traders and industry to access Input Tax Credit, as well as ease the compliance burden since the entire country will become a single market.
"I would ask the states to focus on the services sector because industry will come on its own once demand increases," he said.
The government, which proposes to implement the new pan-India indirect tax regime from the start of the next fiscal in April, has made registration, refunds, returns filing and payment processes online.
The GST regime will also ensure that the taxes deducted by sellers reach the government, Adhia added.
At its second meeting last month after its constitution, the GST Council chaired by Union Finance Minister Arun Jaitley approved five sets of draft rules relating to registration, payments, returns and refunds under GST.
These provide for online registration by residents within three days of submission of application.
Non-residents who will come under the purview of the GST will be required to electronically submit the application for registration at least five days prior to the commencement of business and shall also deposit full tax liability in advance.
The draft rules also provide that if a tax official fails to take action on registration application within a stipulated time frame, the application for grant of registration shall be deemed to have been approved.
An applicant seeking registration will have to submit PAN, mobile number, email address on the common portal or through a facilitation centre.
In case all documents are in order, the tax official will approve registration in three working days from the date of submission of application. The rules provide for suo moto registration of persons who are liable, but have failed to apply for registration.
The GST Council, however, has failed to decide on the big issue of GST rates in its three meetings held, and is likely to take a decision in its next meeting here slated for November 3 to 4.