The GST Council has indeed made moves to revamp its Group of Ministers (GoM) concerning sector-specific tax policy suggestions. Here’s a summary of the key points:
- Reconstitution and Expanded Terms of Reference (ToR):
- Focus on Sector-Specific Analysis:
- A key aspect of the revamped GoM’s work is to conduct detailed sector-specific analyses.
- This will help identify areas where policy interventions or enforcement measures are needed.
- Objectives:
- The GoM will examine state-specific revenue collection trends, identifying revenue patterns across industries and regions.
- It will also analyze the impact of macroeconomic policy changes and geographical factors on GST revenue.
- Another significant focus is on reviewing and recommending the harmonization of anti-evasion, audit, and scrutiny tools to create a unified enforcement and compliance platform.
- The GoM will also work to suggest suitable measures for revenue augmentation, particularly for states with revenue shortfalls.
- Natural Calamity Cess:
- It is also of note that a seperate GoM has been created to examine the legal and structural aspects of imposing a special cess for revenue mobilization during natural calamities and disasters.
As per the expanded ToR, the GoM would analyse the state-wise revenue collection trend, including the identification of revenue patterns across sectors and regions.
- Source: Click Here
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