In a fortifying step to clear out each and every issue arising out of trade and industries in the concern for goods and service tax rolling out soon from July 1, which is just over three months from its execution, the government of India has harmoniously raised their hands to the aching community from every sector, be that from e-commerce, banking and insurance, logistics to come up with their problematic worries before the GST.
The draft legislation regarding GST are on the way to be presented in Parliament and before that government has introduced a group of 10 which will be responsible for sorting out each and every sector wise issues currently being encountered by the trade and industry bodies in order to cleanse the goods and service tax regime. The groups are set up under the senior tax authorities which will analyze the issues of various trading communities and will submit the reports to the center by April 10.
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The ministry and government authorities, however, tried their best to resolve the issues by the means of feedback and continuous support, but now as the tax regime is near to execution, the government feels to voluntarily take control of the sectors and initiate a combined group resolution in order to make out the GST easy and error free. There are sectors which might need quick assistance ahead of GST and the sectors are banking, finance and insurance, telecom, exports, IT/ITeS (information technology-enabled services), transport and logistics, textiles, MSMEs (micro, small and medium enterprises), oil and gas, gems and jewellery including the services which are operated for the government purpose.
The groups deployed can anytime ask and discuss the point of views and suggestions of authorities in ministry, significant industrial bodies, experts and professional in order to properly executed the command given by the center. Pratik Jain, leader, indirect tax, PwC said that, “While the draft GST model law is out, several critical issues such as treatment of tax paid on transition stock, inter-office supplies, state in which GST has to be paid in case of multi-locational services, etc, are still not clear, It will be good if the government considers setting up similar groups for a few other sectors such as FMCG and media.”