Article link:
GST
track trace method may cover cigarettes, pan masala
Extract from the article:
The GST Council has given the green light to a
"track and trace" system aimed at
combating tax evasion related to specific goods, with the initial focus on
cigarettes followed by potentially extending the system to pan masala.
This system utilizes unique
identification markings to monitor and track products at various stages of the supply chain, starting with
cigarettes under the "track, trace" framework to enhance the
visibility and traceability of these products in the market.
The move to introduce this system is seen as a
strategic step to curb tax evasion and ensure
compliance within the supply chain of these specific goods.
By implementing unique identification markings
that enable real-time monitoring, the authorities aim to enhance transparency
and accountability, thereby strengthening tax collection mechanisms and
reducing instances of tax leakage associated with these products.
My Take:
1. Accelerating
Transport with Omnipresent RFID
The article on accelerating transport with
RFID technology resonates with the recent proposal of implementing a
"track and trace" mechanism for cigarettes and potentially pan masala
to curb tax evasion.
My blog highlighted how GST officials were
already using RFID to combat tax evasion by detecting discrepancies in goods
movement data. The integration of RFID technology has proven effective in
identifying risks of revenue leakage, which aligns with the current effort to
enhance tax compliance through a similar system for specific goods.
2. A New
Way to E-Way
In
my blog from four years ago, I suggested a new approach to E-Way bills, emphasizing the need
for improved monitoring and verification mechanisms to prevent tax evasion.
The current initiative to introduce a "track and trace" system for cigarettes and pan
masala, leveraging RFID technology and data analytics, reflects a step towards
greater precision in tax administration efforts to combat evasion and ensure
compliance. This development echoes the importance of technological
advancements in enhancing tax collection mechanisms and underscores the
relevance of my past recommendations in the present context.
Call to Action:
To the GST Council and relevant authorities,
I urge a comprehensive rollout of the
"track and trace" system across a wider range
of goods beyond cigarettes and pan masala.
By leveraging technology and data analytics,
continued efforts to strengthen tax compliance and combat evasion will not only
enhance revenue collection but also foster a transparent and accountable
ecosystem for businesses and consumers alike.
---
With regards,
www.My-Teacher.in /
X-Mas 2024
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