GSTN to make Aadhaar authentication mandatory for new dealers from January 2020
The Goods and Services Tax (GST) Network has decided to make Aadhaar authentication or physical verification mandatory for new dealers from January 2020 so as to check malpractices in GST. Aadhaar authentication was earlier optional.
The announcement in this regard was made by Deputy Chief Minister of Bihar Sushil Kumar Modi, who heads the Group of Ministers of GST Network.
This decision was taken after noticing in last two years that there are a good number of fly-by-night operators, who make fake invoices.
For those who do not want Aadhaar authentication, physical verification will be carried out, which will be completed in 3 days.
As refunding is a big issue, the GST Network has also decided on complete online refunding from 24 September 2019 from a single source, either by Central GST or State GST.
Moreover, no State government is in favour of slashing the GST slab for Automobile sector from 28% to 18%, fearing loss of revenue.
About Goods and Services Tax (GST) Network
GSTN has been jointly registered by Central and State Governments as a not-for-profit Company under Section 8 of Companies act, 2013.
It was primarily set up to provide IT infrastructure and services to Central government, State governments, tax payers and other stakeholders for GST implementation.
The restructured GSTN, with 100% government ownership has equity 50:50 structure between Centre and the States.
Category: Economy & Banking Current Affairs