GST Council All Set To Monitor Sectrol Issue On August 5 Meet

The Goods and Services Tax Council could take up at its next meeting tax assessment issues raised by sectoral bodies alongside a survey of the execution of the new GST tax regime, a top GST council official has said.

“Different issues will be coming to the table (at the next council meeting). Things that have been brought to our notice may be on the rules and implementation. Maybe, even on rates,” Central Board of Excise and Customs (CBEC) chairperson Vanaja Sarna said to the reporters on the sidelines of a Ficci event on Friday.

The GST Council, led by Finance Minister Arun Jaitley and state counterparts, will meet on August 5 to review the GST roll out consequences in the country. It will also examine all the concerns raised by the textile sector. It must be noted that the implementation of the GST taxation in India has replaced 17 distinct tax and duties from the country, including excise, service tax, and VAT.

Some textile dealers have been asking for the expulsion of the 5% GST on fabrics. Surat-based merchants, who had gone on strike in dissent, has cancelled their protest. Regarding this Vanaja Sarna said, “Whatever issues have been raised… will be taken up by the council. She further added, When you roll out something as mammoth as GST, I would say you will always find problems or issues probably coming in till six months or a year,” Sarna said. She also said that the department is keeping track of revenue trends after GST rollout on July 1, but the actual position will be known after returns are filed in September.