Indian GST is a unique experiment and is a trailblazer in various ways. The GST Council is a path breaking mechanism for seamless interaction between the Centre and states”, said Mr S Ramesh, Chairman, Central Board of Indirect taxes and Customs, Ministry of Finance, Government of India. Mr Ramesh was addressing CII Interactive Session with Ministry of Finance on “One Year of GST: Achievements, Challenges and the Way Forward” in Delhi.
Mr Ramesh further elaborated that “GST has ushered in a transformational change in the array of indirect taxation in the country. All sections of stakeholders have come together to ensure that this landmark reform is a huge success. With GST, cascading taxes is a thing of the past. Time and cost involved in tax compliance has been greatly reduced. While the Government is taking special efforts to reach out to the industry and address their concerns proactively, we expect the industry to ensure that tax compliance is given top priority, as it will increase the revenues automatically”.
Addressing the session, Mr John Joseph, Member (Budget), Ministry of Finance stated that the Government has taken every step to rationalize taxes, particularly for the MSMEs. Inverted Duty Structure is being evened out. Benefits have been extended in the recent GST Council meeting, inter alia, to agriculturists and food processing units”.
“In order to further rationalise the legislation, industry is expected to respond promptly and positively to stakeholder consultations form Government’s side. Taxpayers should take advantage of the last opportunity provided for migration from the erstwhile tax system. The reverse charge mechanism in its present form has been suspended till 30th September 2019, thereafter, to be made applicable only to select category of goods and to select suppliers”, said Mr Upender Gupta, Commissioner, GST, Ministry of Finance.
In the Interactive session, concerns of industry on law and rates were addressed and clarifications provided by the officials on compliances.
During the session with GSTN, Mr Prakash Kumar, CEO, GSTN shared GST compliance data with the audience. “More than 13 crore returns have been filed till date and 90% of the total compliances are being done. Tools are being developed under GSTN for assessment, audit and enforcement of GST. GSTN welcomes suggestions on making the GST portal better and more efficient, and if any new features should be added to the portal for better compliance of the law”, said Mr Prakash Kumar.
Welcoming the audience to the Interactive Session, Mr Harishanker Subramaniam, Chairman, CII Core Group on GST congratulated the Government on successful completion of one year of the GST regime with regular meeting of the GST Council; and coming out with many positive rate changes in the recent GST Council meeting. Mr Subramaniam assured that CII will continue to engage with the policymakers and the stakeholders on matters relating to GST.