The debate over the authority as to who would conrol the Goods and Services Tax (GST) may finally see a closure soon, indicated by finance minister Arun Jaitley. Addressing the press the finance minister said that all the taxation officer have to administer taxes & there has to be clearly assigned guidelines.
Since GST is the single biggest reform in India’s indirect tax structure since the economy began to be opened up 25 years ago, it is a complex matter which the council do not want to rush through. Every step has to be carefully thought out.
Jaitley announced that there will be an informal meet of the ministers on Nov 20th. After this informal meet, the council will meet on Nov 24th and 25th for further discussion.
Can’t have two competing assessing authorities for same assessee; need clear guidelines on the complex & contentious issue: FM Jaitley
— ANI (@ANI_news) November 4, 2016
“Tax exemption limit under GST will be Rs 20 lakhs, further 4 drafts will be prepared for discussion. Once software based tax assessment will be in place it will be of great help to the taxpayers & the industry.The other suggestion is to divide base of assessees vertically without a threshold,” said the finance minister.
On the raging OROP debate the finance minister said that whhen such huge amounts are disbursed a few calculation mistakes have happened from the bank side, “Govt has allocated all money, there seems to be prob at bank level, this was a procedural problem that could be resolved at bank level,” iterated Arun Jaitley.