ALSO READCorporation tax may be reduced if personal income tax grows: Hasmukh Adhia LTCG tax kitty from stocks to double to Rs 400 bn in FY20: Hasmukh Adhia Budget: Why FM chose standard deduction and not raised tax exemption limit Task force on income tax law will read it chapter by chapter: Hasmukh Adhia GST returns under composition scheme have a surprise, says Hasmukh Adhia
Addressing a state-level seminar on GST, the top finance ministry official said, "GST is an end-to-end IT-based tax system. We are making all efforts to make it full proof with the help of technology.
Stating the new taxation regime is more business friendly, he noted that a businessman doesn't want to evade tax provided three things are according to his desire, which include appropriate tax calculation, tax should be reasonable, it protects his interests.
There was situation of uncertainty and anxiety when GST was introduced on July 1 last but gradually all basic problems which had arisen during the initial stages were overcome. Strong political will coupled with efforts of the Central and state officials have led to the effective implementation of GST, he said.
In July 2017, the revenue shortfall of the state was 49 per cent but within seven months, this has come down gradually to 29 per cent, thanks to the GST, he said.
He also said, the state average of filing returns is 57 per cent while the national average is 67 per cent.