New Delhi: Kicking off celebration to mark two years of the GST implementation, the finance ministry will on Monday come up with further reforms in the indirect tax system with the introduction of new return system, rationalisation of cash ledger system and a single refund-disbursing mechanism, among others.The ministry said it will introduce the new return system on a trial basis from July 1 and on mandatory basis from October 1. “Sahaj & Sugam returns for small taxpayers are proposed,” it said. Also Read – Balakot strikes show major shift in govt’s handling of terror attacks: IAF chiefWith regards to single cash ledger, the government will rationalise the ledger in such a manner that earlier 20 heads are merged into 5 major heads. There is only one cash ledger for tax, interest, penalty, fee and others. A single refund-disbursing mechanism will come into play wherein the government which sanctions refund disburses all four major heads of refunds namely CGST, SGST, IGST and cess, the ministry said. “Threshold limit of Rs 40 lakh is offered of suppliers of goods as per the choice of states. Introduction of composition scheme for small service providers up to an annual turnover of Rs 50 lakh with a tax rate of 6 per cent, electronic invoicing system in a phase-wise manner for B2B transactions is proposed to be introduced and GST Appellate Tribunals are being established at various state headquarters and area benches also,” it said.