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GST will be launched on midnight of June 30, says Arun Jaitley

  •   Tue, Jun 20 2017 02:19:53 PM

Mumbai, Jun 20 (Deccan Chronicle): Finance Minister Arun Jaitley on Tuesday said the Goods and Services Tax (GST) will definitely rollout at the stroke of midnight of June 30.

Addressing the media in New Delhi, he said the inaugration ceremony will take place in the Central Hall of Parliament. It will be attended by the President, the Vice president and the Prime Minister. The President and the Prime Minister will speak on the subject of GST.

He added that two short films made on GST will also be screened on that day.

Addressing the question of GST's impact on GDP, he said "I anticipate in the long term, being a more efficient system, the revenue inflow and spending capacity of the centre and the states will increase and have a consequent impact on GDP".

Jaitley further said that all reforms are initially seen as "disruptive". However, in the long run they become "result-yielding". "There will be short-term challenges in the switch over. That is why I have extended the date for filing of GST returns. Industry and trade will have to prepare themselves. It is not very complicated," he said.

He further said the process of registration on the GSTN is going on smoothly. Responding to the question of traders facing problems in registering themselves, he said "The 65,000 who registered did not have issues, the 5,000 who did are on Twitter".

Talking about GST-prepareness of the country, he said it will be measured not on July 1, but in August when the returns will be filed. He reiterated that the government has given a two-month relaxation to the industry for filing of returns because of this reason. "We had been saying GST will be rolled out by July 1; nobody had any business not to be ready. If a trader is still not ready by that time, then he does not want to be ready," he added.

Earlier, the Associated Chambers of Commerce & Industry of India (Assocham) and Civil Aviation Ministry had requested the Finance Ministry to defer the GST rollout. Both bodies reckoned that the machinery was not prepared to roll out GST from July 1.

The anti-profiteering provision of GST has been a point of contention between the government and traders. "Anti-profiteering clause in GST is a deterrent which is not intended to be used unless forced to," Jaitley said reassuringly.
  

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Comment on this article

  • HENRY MISQUITH, Bahrain

    Tue, Jun 20 2017

    The hurried implementation of GST will result in a disaster for the trade and industry. Consumers will pay a heavy price for this change over.

    DisAgree Agree [5] Reply Report Abuse

  • Valerian Dsouza, Udupi/Mumbai

    Tue, Jun 20 2017

    India has 29 states and 2 union territories, total 31. There were 31 types of VAT laws in the Country.
    In addition, Central Excise, Service Tax, Octroi (Town Duty) , entertainment tax, luxury tax, several cess etc.
    SLOGAN, All these taxes are going to be subsumed under GST, 1 nation, 1 tax.
    But in reality, 1 nation, 31 state wise registrations for GST, plus VAT for some.
    Crude oil (petrol / diesel), liquor and many more are still under VAT.
    STAMP DUTY, paid on property registrations, registrations of gift deed, Will, import goods delivery orders etc. are not subsumed under GST.
    Educational Cess and other cesses applied on custom duty , retained, not removed.
    Is it simplification? Common man carrying Luggage bag , is it luxury? it's under 28% GST!
    Most of the services were costing 15% ST, will attract 18% GST.
    Insurance premiums will become dearer in lieu of GST.
    Composition scheme is not given to small service provider, not even to transporters. 1 small interstate supply, will make composition scheme ineligible for dealers.
    Interstate supply, will make,Threshold limit of 20 lakhs limit per annum not applicable. Person will be liable for registration, if he make a Rs. 500/- interstate dealing.
    Minimum 3 returns per month, per state, is it relief to small businessman?
    There are so many provisions, forget about businessmen, even consultants are not able to digest.
    Surely, it's going to benefit big business empire, for they will not face much competition in future from small timers.

    DisAgree [1] Agree [9] Reply Report Abuse

  • Flavian dsouza, chik/bengaluru

    Tue, Jun 20 2017

    Someone buying milk and selling pedda no GST since buying and selling has no bills sweet shops are making crores !!!poor farmer who buys pesticides is at 18%

    DisAgree Agree [7] Reply Report Abuse

  • tom cat, mumbai , manglore

    Tue, Jun 20 2017

    The cunning foxes Congis knew that they will lose the elections, so decided never to implement difficult issue kept it pending for the next government. The dombatta bharatia jokers party fell in the trap by wining the election. There is nothing that bjp has introduced as their brains are stuck at the wrong place.

    DisAgree [6] Agree [3] Reply Report Abuse

  • mohan sr., Mangalore

    Tue, Jun 20 2017

    Mamoo .. From which country you belongs man... GST bill is brought by Mr Manmohan Singh in 2011 ... but Feku BJP as opposition not allowed to pass the bill.. .. But now congress not opposed and allowed it to pass... But BJP put 28% where congress proposed 18%.. .. Read news papers daily man..

    DisAgree Agree [11] Reply Report Abuse

  • Amith, udupi

    Tue, Jun 20 2017

    people who opposed GST implementation with a cap of 18% under UPA are rejoicing with a cap of 28% ..sitting in normal room is 12% and sitting in AC is 28%...in the same restaurant and eating the same food ..some logic lawyer cum temp defence minister cum finance minister jhootely has ...

    DisAgree Agree [12] Reply Report Abuse

  • The Guru, Mangalore

    Tue, Jun 20 2017

    Amith, udupi

    So will you agree to pay 18% tax on food grains under UPA against 0% tax in the new GST under NDA?? All the citizens of India are not rich like to you to pay 18% tax on food grains, we are happy with 0% tax on these items???

    Did UPA GST had 4 different tax rates???? can you please explain ... congress opposed the 4 tier tax structure in current GST, however its agreed with congress government in states

    DisAgree [7] Agree [4] Reply Report Abuse

  • G R PRABHUJI, Mangalore

    Tue, Jun 20 2017

    I request Mr Jaitley to declare 1st July as National Holiday.

    DisAgree [1] Agree [10] Reply Report Abuse

  • mohan sr., Mangalore

    Tue, Jun 20 2017

    Let us wait and see... how GST will benefit to consumers...

    DisAgree Agree [8] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Tue, Jun 20 2017

    No country in the world has a 28% GST slab & only empty vessels are rejoicing ...

    DisAgree [1] Agree [20] Reply Report Abuse

  • Flavian dsouza, chik/bengaluru

    Tue, Jun 20 2017

    Finally after 15 years !!!and still has many gaps and not sure how much revenue losses will be there in the first few months . But happy that its finally done

    DisAgree Agree [8] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Tue, Jun 20 2017

    Impossible ...

    DisAgree [5] Agree [14] Reply Report Abuse


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