ENA Economy 2019-07-05 08:47:34 <p><strong>New Delhi, July 5 (KNN) </strong>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).</p> <p>As per her announcement, 17 taxes will become one tax under GST.</p> <p>In addition, she mentioned We are further simplifying GST regime and a simplified single monthly return is being rolled out.</p> <p>Besides this she announced that the companies with annual turnover of less than Rs 5 crore will have to file only quarterly returns.</p> <p>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.</p> <p>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. </p> <p>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.</p> <p><iframe frameborder="0" height="540" id="mgiframe" src="//mg.mgid.com/mghtml/framehtml/c/k/n/knnindia.co.in.338951.html" width="100%"></iframe></p> 23093 https://knnindia.co.in/news/newsdetails/economy/one-nation-one-tax-fin-min-proposes-merging-of-17-taxes-into-one-with-gst-fully-automated-gst-refund-module-to-be-implemented 2019-07-05 08:47:34 knnindia.co.in