The government on Thursday set up a high-level committee of officers to look into the revenue shortfall being faced by the states and suggest measures for augmenting collections. The panel has been formed by the GST Council to look into revenue shortfall being faced by the states post implementation of the Goods and Services Tax (GST).
"The committee should consider a wide range of reforms so that a comprehensive list of suggestions may emerge," said an official statement.
The terms of reference of the panel include making suggestions about systemic changes in GST including checks and balances to prevent misuse and measures to improve voluntary compliance. Also, it has been tasked to give inputs on measures for the expansion of the tax base.
Policy measures and relevant changes needed in the law, improved compliance monitoring and anti-evasion measures using better data analytics and better administrative coordination also form part of its terms of reference, the order said.
The 12-member panel, which will have five members from Centre and States each, will submit its first report within 15 days to the GST Council Secretariat. The committee has Commissioners from state GST council of Maharashtra, Tamil Nadu, Uttar Pradesh, West Bengal, Punjab along with Joint Secretary & Executive VP of GST Council.
"Any other states which would like to join the committee may volunteer by writing to the GST Council Secretariat," GST Council stated.