Won't blink on GST launch,no excuse for biz not being ready:FM
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.
\nHowever, 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.
\nGST, which was originally planned to be implemented from April 1 but was deferre<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n enges," he said. "The reform step is for betterment. All reforms initially are seen as disruptive, and in the long run are seen as result yielding reform." = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ht of August 14-15, 1947, Parliament's historic Central Hall will host an hour-long function on the intervening night of June 30-July 1 to mark the rollout of GST = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Won't blink on GST launch,no excuse for biz not being ready:FM GSTDated:- 20-6-2017New 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 … Continue reading “Won't blink on GST launch,no excuse for biz not being ready:FM”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-3755","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/3755","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3755"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/3755\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nJaitley said the process of registration of existing central excise, service tax and state VAT payers in the new system was "going on well".
\n"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.
\nAs 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.
\nRuling out deferring the rollout because of a small numbe<\/p>\n
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\nJaitley 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.
\n"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.
\nAsked 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.\n<\/p>\n
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