GST NEWS:- Prepare to provide Insurance scheme for Small and Middle GST registered traders by Govt
Just before the Lok Sabha election, the government is considering introducing an insurance plan for small businesses registered in GST. This segment can bring out the scheme for the prevention of health status of many businessmen. Under this, millions of small and middle level businessmen will be provided insurance cover at very low rates. Sources say that the proposed plan will be on the lines of the Prime Minister's Security Insurance Scheme (PMSBY). Sources said that contingency insurance scheme for small businessmen is currently underway in Uttar Pradesh. The center's new insurance plan can also be the same.
The Center is considering giving insurance cover upto 10 lakh according to their annual turnover for small business registered under GST. If this scheme is approved by the government, then before the budget session of Parliament, this month's By the end, there are requirements to declare this plan. Under PMSBY, the government is giving contingency insurance facility up to two lakhs per annum premium of Rs. 12 per annum. Under this, persons of age group 18-70 years can avail this insurance facility by giving the bank permission to cut the amount of 12 rupees from their bank account.
To prevent evasion of GST, the government will resort to RFID technology across the country. Under this, the use of Radio Frequency Identification Device (RFID) is being considered for effective implementation of e-way bill system in GST. Currently this technique is being used in some states only.
Sources said that the theme of the use of RFID technology across the country in the e-way system of the bill was incorporated in the GST Council agenda recently. The main points of the report of Dr. John Joseph Committee on this subject were also held in front of the Council and discussed. At present, AFID technology is being used to effectively implement the system of e-way bills in States like UP, Maharashtra and Karnataka and in the coming days it is considered to be used in other states of the country.
Sources said that for the time being the fast food is being used for toll collection which is based on RFID technology. Fastag system has been installed on most of the highway toll plazas in the country and soon it will be seen on the highways of the states. In this case, the fastest system can also be used to monitor the vehicles under e-way bills.
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