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To help banks and insurance firms that would not have the benefit of centralised registration under the Goods and Services Tax (GST), the government will try to solve their problems through simpler audit and valuation rules for inter-State supply.
The compliance burdens on banks and insurance firms is set to rise under the new indirect tax regime that is set to be rolled out from July 1. The GST Bill passed by the Lok Sabha stipulates that these firms would be required to register in each State where they have business, as against the centralised registration followed at present.
Banks and insurance firms have been favouring the centralised registration system, but at the GST Council meetings, States wanted it their way.
“There is some way of alleviating their problems. We have also relaxed the valuation rules for intra-company but inter-State supplies. This will also take care (of their problems),” Revenue Secretary Hasmukh Adhia told BusinessLine in an interview.
Adhia said that the government was also examining alternatives such as setting up a committee of officers of State governments and the Centre that could jointly audit their cases.
The Revenue Secretary said that the government is all set to meet the July 1 deadline for GST and is also requesting businesses to be ready.
“Our side is ready. I can’t visualise any glitches,” he said.
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