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1
June 2017
Seeking
to set at rest all doubts, Finance Minister Arun Jaitley on Thursday said the
government is in a state of preparedness for the roll-out of the Goods and
Services Tax (GST) from July 1 and asked the industry to fall in line as there
will be no change in the date of implementation of the new indirect tax regime. The Total Investment & Insurance Solutions
"GST
decisions are all taken by consensus and so far we have succeeded in
maintaining the consensus. In Srinagar meeting of the Council, ministers of
almost all states who spoke to me were absolutely clear on maintaining the July
1 date. We are in a state of preparedness for July 1," he told a media
conference here. The Total Investment
& Insurance Solutions
He
was replying to a question on West Bengal Finance Minister Amit Mitra's comment
that there were serious doubts about the preparedness of the industry for GST
by July 1.
"We
are passing through a phase where government is in all steps ahead of the
industry. So I will expect the industry also, all those sections who are saying
they are not, to fall in line because we are quite clear about the date,"
he said. The Total Investment & Insurance
Solutions
When
asked about the concerns of some of the industry members on the GST rates, the
Finance Minister said that there is a mechanism in the Council for fitment
where all the officials meet and discuss the existing rates and fit them in the
slabs after consideration.
"First
time in the country the consensus on indirect taxation was created through
federal institution. The process to implement GST is in its last phase. When it
is implemented, it will be a major taxation reform," he said. The Total Investment & Insurance Solutions
Refuting
any negative impact of GST on the country's growth, Jaitley said, "I see
no reason why there will be any adverse impact of GST. GST by itself should
normally add to growth."
Chief
economic adviser Arvind Subramanian, who was also present at the press
conference, said that GST will bring down the incidence of taxes which will
have a positive impact on the country's growth. The Total Investment & Insurance Solutions
"The
incidence of taxation is going to come down. It is like a tax cut which will
both reduce prices and increase consumption. There may be some teething
implementation challenges but economic effects of a tax cut will be positive to
reduce inflation and stimulate consumption," Subramanian said.The Total Investment & Insurance Solutions
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