One Nation One Tax: Fin Min proposes merging of 17 taxes into one with GST; fully automated GST Refund module to be implemented

New Delhi, July 5 (KNN) Aiming to implement ‘One Nation One Tax’, Finance Minister Nirmala Sitharaman today proposed the merging of 17 taxes into one with Goods and Service Tax (GST).

As per her announcement, 17 taxes will become one tax under GST.

In addition, she mentioned “We are further simplifying GST regime and a simplified single monthly return is being rolled out.”

Besides this she announced that the companies with annual turnover of less than Rs 5 crore will have to file only quarterly returns.

A fully automated GST Refund module shall be implemented; multiple tax ledgers to be replaced by one; invoice details to be captured in a central system, she added.

In her Budget Speech, Sitharaman said, "Fully automated GST Refund module shall be implemented; multiple tax ledgers to be replaced by one; invoice details to be captured in a central system."

We are further simplifying GST regime under which a simplified single monthly return being rolled out, said said adding taxpayers with annual turnover of less than 5 crore need to file only quarterly returns.