Despite pressure from various fronts, the NDA brass has decided to stick to the deadline of 1 July 2017 to roll out Goods and Service Tax (GST) which has been in the spotlight since the last couple of months. Finance Minister Arun Jaitley on Tuesday stated that the inputs of various political parties will be given due recognition in a special function to be held at the historic central hall of the parliament on 30 June.
All the key constitutional dignitaries, members of Parliament, along with the members of GST council are expected to be present at the function. President Pranab Mukherjee, during his term as a Finance Minister in the UPA regime, piloted the the first Constitutional Amendment Bill in 2011 to bring in GST. He, too, will be present for the function.
Jaitley reiterated the fact that the GST will provide long-term benefits to the economy by increasing the revenues, boosting overall Gross Domestic Product (GDP) and keeping a check on tax evasion. However, he sounded cautious over the short term challenges and expected some challenges in the near future. The finance minister also stated that the roll out date of 1
The finance minister also stated that the roll out date of 1 July was announced long back and all the stakeholders including the Medium and Small Enterprises (MSME ) sector were expected to prepare themselves for the roll out in the stipulated deadline. He also informed that the time frame for filing returns have been extended to provide relief to firms. Commenting on the anti-profiteering clause of the Bill, he stated that the mechanism has been inserted to be used on a situational basis and not be used as a regular practice.