Won t blink on GST launch,no excuse for biz not being ready:FM – Goods and Services Tax – GST – Dated:- 20-6-2017 – New Delhi, Jun 20 (PTI) The government will not blink on rolling out the GST from July 1, Finance Minister Arun Jaitley said today, emphasising that businesses cannot give any excuse for not being ready as enough time was given to them for preparation. However, implementation of the Goods and Services Tax (GST), which will unify more than a dozen separate levies to create a single market, may result in some disruption and technological glitches initially as traders and the smallest of businesses will have to file returns online, he added. GST, which was originally planned to be implemented from April 1 but was deferred by thre
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e reform step is for betterment. All reforms initially are seen as disruptive, and in the long run are seen as result yielding reform. Jaitley said the process of registration of existing central excise, service tax and state VAT payers in the new system was going on well . It is not a very complicated process, he said adding GST will check tax evasion and in the long run lead to rise in number of the assessees. As many as 65 lakh assesses have already registered and more are expected to sign up. 65 lakh who have registered they did not face problem, the five who have faced problems are on Twitter, he quipped. Ruling out deferring the rollout because of a small number of people who say businesses are not ready, he said when reforms are impl
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night of June 30-July 1 to mark the rollout of GST Jaitley said the GST Council has arrived at tax rates on most of the commodities on the basis on equivalence so that incidence of tax remains at the current level. The tax rates that has been fixed, that will apparently lower our tax revenues. But we are hoping that even after reducing rates the revenues won't come down because evasion would be checked in an efficient system, he said. Asked about GST's impact on inflation, he said when tax rates come down it also has an impact on inflation, but it would also depend on monsoon and oil prices. In some cases, because there are public interest involved, we have in fact brought down the tax rates. On first principle, Centre and states h
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