In another ten days , GST will roll out across
India on July 01
Businesses / Industries / Experts / Tax Consultants / Politicians
and even 80+ lakh tax assesses are worried to death about possible disruption
to businesses
Government officers do not deny that
there might be a chaos , considering that nothing like this reform has ever
been attempted in any other country, on this scale
ASSOCHAM and others , have requested
postponement of the roll out date
As per news reports , some 67 lakh business tax payers have already “
Registered “ on GSTN
portal
Big companies , buying goods / services from small companies, are
bringing pressure on these suppliers to get registered or else the buying
companies will stop buying and cancel pending orders
This is because , the big buying companies will have to fork out 28 % GST , without
getting any “ Input Credit
“ if their small suppliers are not registered !
This is a good pressure tactic for obtaining quick compliance !
Hopefully, most problems will get sorted out in 6 months , with the
Government officers and the GST Council responding to each problem , as it
surfaces
One major issue is the number of :
·
Daily invoices to be uploaded (
could be 500 for a hotel ? )
·
·
GSTR 1-2-3B, Monthly
returns to be filed ( could be hundreds ? )
·
Whereas this exercise cannot be avoided for ALL types of assesses ,
I think it could be avoided for “ Payment Transactions “ which get made using Mobile Wallet App – BHIM V 4.0 ( Voice Activated payments )
In BHIM 4.0 , I have
suggested incorporating a feature for deduction and deposition of applicable GST , into concerned account automatically !
And if BHIM V 4.0 , can deduct / deposit GST automatically / instantaneously, there
is no ( technical ) reason why it cannot , also upload the relevant INVOICE pertaining to each payment and also upload those RETURNS as per schedule, on GSTN portal !
This is possible since Aadhar Number ( ID ) is
now linked to almost all
of the following databases
, currently being maintained by different government agencies / private
concerns :
·
Bank Accounts ( from Dec 2017 ) / Jan Dhan Accounts
·
PAN ( Corporate and Individual Tax Payers )
·
Registrar of Companies / MSME Ministry
·
RTO of different States ( For
Road Tax / Vehicle Tax )
·
Municipalities ( for Property
Tax )
·
GSTN Portal
·
IT department / Sales Tax Department
·
Mobile Wallet Companies / Credit – Debit card Issuers
·
Excise Department / Customs Department
·
Police Department / Labour
Department
·
NSSO / Election Commission ( Voter
Identification )
·
A whole host of agencies
It is only a matter of time before these agencies /
departments :
·
Enable Aadhar linked “ Data Exchange “ between these agencies
·
Enable total “ Synchronization “ of their
departmental data bases
·
Agree to dump all data
collected by them into a CENTRAL DATA BASE
BENEFITS
:
·
Enormous saving of time / effort on part of small establishments (
retailers / self employed ) who accept payment using BHIM V 4.0
IMPLICATION
FOR BHIM V 4.0 :
·
If BHIM 4.0 can save them the
hassle of daily uploading of invoices , millions of small retailers / self-employed
would use ONLY BHIM V 4.0 – and no other
mobile wallets !
IS THIS
POSSIBLE ?
·
Correct question should be : “ When can BHIM V 4.0 , with feature to automatically upload invoices / GST returns , be
launched ? “
HINT :
Could following help to implement my suggestion ?
I SEE NO REASON WHY BHIM CANNOT TANGO WITH GST !
20 June 2017
www.hemenparekh.in
/ blogs
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