GST to boost domestic manufacturing, won't up inflation: Adhia
GST
Dated:- 25-4-2017
New Delhi, Apr 25 (PTI) The government today said GST will not lead to inflation and rather make domestic goods competitive via-a-vis imported items.
\nRevenue Secretary Hasmukh Adhia dismissed fears that GST implementation will lead to a spurt in prices, saying that unlike in other countries, the transition to the new tax regime would be smooth in India.
\nHe said several countries witnessed inflation following GST rollout as they had single point taxation system. In the case of India, there are multiple points of taxation and hence the possibility of sudden spurt in inflation is remote.
\n"Presently, we are tapping VAT at each stage of sup<\/p>\n
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\nThe government levies countervailing duty (CVD) and special additional duty (SAD) on imported goods to protect domestic manufacturers.
\n"The incidence of tax on imported goods will be equivalent to the tax paid by the local industry. This will strengthen domestic manufacturing and Make in India," Adhia said.
\nGoods and services tax (GST), which is proposed to be rolled out from July 1, will unify at least 10 different central and state levies and make India a uniform market for seamless transfer of goods and services.
\nAdhia said as many as 71 per cent of the existing taxpayers have already migrated to the GSTN portal and the CBEC has <\/p>\n
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\nWith regard to the provision in the Act on refund of IGST paid by international tourists, he said it will not be implemented with effect from July 1 GST rollout date.
\nAsked whether VAT would be refunded at the airport to foreign tourists, Adhia said: "We have kept that provision in the Act, but to implement it will take time. Immediately, it won't be available to foreign tourists, but after some time, we will see. We will have to develop a mechanism for it. We are not implementing this provision from July 1."
\nThe IGST Act provides that integrated tax paid by tourists leaving India on any supply of goods taken out of the country by him shall be refunded. However, the conditions and safeguards are yet to b<\/p>\n
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