GST rollout will face initial hiccups: Arun Jaitley

Posted July 02, 2017

Agra traders to protest launch of GST on July 1. "Government should come up with some clarification on the issue", Pratik Jain, partner and national leader, indirect tax, PwC said.

The strike comes two days after the government once again failed to break the ice on implementation of GST in the state as the All Party Consultative Group (APCG) meeting called to build consensus on the tax regime was inconclusive on Thursday. "However, keeping revenue neutrality in mind, the Government can not lower tax revenue by too much so that it doesn't itself have enough income to meet its needed expenditure". "Hopefully, there will be consensus on the issue and the GST will soon make its way into Jammu and Kashmir too", said an official spokesman.

The GST will roll out in the country at midnight, but J&K is the only state which will fail to keep date with it.

More news: Tensions high in Hong Kong ahead of milestone Chinese handover anniversary

The consultative committee meeting held threadbare discussions over the legal, legislative, financial, economic and administrative aspects of the Goods and Services Tax (GST) regime with the chairman explaining in detail the nuances of the new tax regime.

Brij Kishore Agrawal, the chairman of the Sangharsh Samiti said that the country would have to face major setbacks if the Finance Minister Arun Jaitley remained adamant on implementing GST in its present form.

The party accused the government for the "current chaos, confusion and uncertainty" and said a "proper mode" should be adopted for implementation of the GST in the state in view of its special status.

More news: Mayor promises Stanley Cup parade, but plans unclear so far

Chief Minister Mehbooba Mufti called upon former Deputy Chief Minister and MP Muzaffar Hussain Beigh to discuss ways and means to ensure smooth passage of GST Bill in the special Assembly Session.

Jaitley said GST is a collective decision of the nation and every state government has supported it. The Constitution amendment provides that petroleum products can be taxed under GST as and when GST Council decides. Market experts had expressed concerns that a higher tax rate on gold will only add to the already high proportion of cash transactions on the commodity, and will increase gold smuggling with most traders choosing to evade taxation altogether.

Taking a step towards a democratic opposition of the GST, the local traders have chose to keep their business shut for a day in Agra.

More news: Sheriff: Man killed missing son, 5, after Disneyland trip

"To take the country forward this mindset should also become the mindset of a developed economy".