First GST Round Table Meeting: Major Facts Disclosed Officially

With an immense filled up hall at Diwan-e-aam, The Taj Mahal Hotel, Mansingh Road, New Delhi, the Revenue Secretary of India Hasmukh Adhia, commenced the most happening event after the implementation of GST. All the titans of raising the voice and existence of GST were called for discussion on to the one platform.

Navin Kumar: GSTN Former chairman, Prakash Kumar: CEO, GSTN, Manish Kumar Sinha: Commissioner, CBEC, Prateek Jain: Head – Indirect Tax, PwC, Rajdeep Dattagupta: CFO, PepsiCo India, Gagan Rai: MD & CEO, NSDL e-Governance
Nishant Shah: Partner and co-head, tax, ELP

All these head came to mingle in fact, to outline the further patterns of GST and its flow in the economy. Commissioner Manish Kumar Sinha went on to the say that, in coming 2 – 3 years, Indian markets will be under the single roof of tax i.e. is to say only single GST rate.

According to the Business Standards, it was posted on even twitter that, “Number of rates in GST will come down to one in 2-3 years from now: @CBEC_India Commissioner Manish Kumar Sinha at #BSGSTRT #BSRoundTable”

And several other hopeful tweets maintaining the spirit of GST, it was again tweeted by the social page of news forum, “Now a truck driver can move across the country with one document: @CBEC_India Commissioner Manish Kumar Sinha at #BSGSTRT #BSRoundTable”

Key Points by Hasmukh Adhia at BS GST Round Table, 2017:

• Nearly 8.6 million people those were registered under previous tax regime including VAT, service tax and excise have registered at GSTN portal
• Post GST Era, 7.2 million taxpayers have finally migrated from previous tax regime to new Goods and Services Tax (GST) Regime
• Only 1.1 million tax assessees out of 7.25 million are finally migrated in the new tax regime by filing Part B returns
• If the annual turnover of business entities exceeds Rs 20 lakhs, they will be entitled to pay returns under the Goods and Services Tax (GST). So that, they don’t try to ignore filing taxes in the new tax regime, otherwise, penalties will be imposed by the government after three months.
• After the implementation of the GST, tax net rate has increased nearly by 30 percent.
• Till now about 74% of taxpayers have filed their July month returns and it is expected that the remaining taxpayers will file their returns by August end.
• As many as 80,000 people have login GSTN portal at one time, they are informed with the message to wait.
• The government has been requested by the taxpayers to extend the deadlines of filing returns
• We are trying to do some modification state governments must cut down the tax rates on petroleum products. If the states are interested to retain manufacturers they have to reduce the taxes on petroleum