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Union FM Arun Jaitley on Friday said that there is a sacred impulse to execute the Goods and Services Tax (GST) inside its due date, and its usage can not be deferred past September 2017.
Union Finance Minister Arun Jaitley again tipped some of the quotes over the much-hyped taxation regime, the GST which has been getting discussed in each and every political corridor in few months. The taxation scheme has been considered the most significant tax reformation since the independence.
The GST has been discussed worthwhile from every angle and aspect proving it to be the fruitful taxation regime of all time but along with it, there are various hurdles coming on its way in its implementation. Previous day West Bengal Finance Minister Amit Mitra was seen discontented with the timing of the implementation of GST on which the Union finance minister Arun Jaitley has given an adamant reply.
The GST Council at its two-day meeting starting today will state over the issue of taxation over assessees and draft model laws for execution of the new GST administration from April 1 next year.
West Bengal finance minister is relentlessly pressurizing the point that the demonisation effect will also cover the GST and its roll out in coming future. West Bengal finance minister Amit Mitra said that, “the timing is not right for its implementation, given the impact on state finances because of the partial demonetisation, Demonetisation of Rs 500 and Rs 1,000 currency notes, and the resulting turmoil, makes April 1, 2017, target date for a national goods and services tax (GST) unlikely.”
The government has been very strict in the creation of various amendments and passing of bills which can make the GST easy to lay out in the nation and its economy.
GST has been awaited for a very long time, and the economy is somehow facing turf for various other reasons in the meantime also. The recent hit back to the economy is demonetization, as it is said to be a hard step to curb all the black money from the structure. The effects are not yet scrutinized but various top ranking economists are positive on this note.
Web-based business administrators like Flipkart and Snapdeal should deduct TCS (tax collected at source) in between making payments to their providers, as per the new model GST law, which has modified the meaning of ‘aggregator’. The model GST law accommodates 1 percent TCS to be taken by the E-business administrators.
The Government has given a serious concern over the GST and its upcoming benefits to the consumers, and it has also been doing some homework with its top officials at GST council. The government is watching through all the aspects of implementing GST and here it also arose again on the verge of completion.
