Union minister Prakash Javadekar today sought to allay fears of the trading community over their past records being dug up after they start filing GST returns, saying no such thing will happen.
Union minister Prakash Javadekar today sought to allay fears of the trading community over their past records being dug up after they start filing GST returns, saying no such thing will happen. The minister however went on to add that the traders should start a “new inning” after GST implementation and do their business in honest and fair manner. Javadekar was speaking at the open forum on Goods and Services Tax (GST) in Pune organised by central GST–I Pune Commissionerate to address the doubts of various trade associations.
“I have been receiving queries from the traders that if they start paying the taxes and start filing the returns after GST implementation, their past records will be dug up. “I would like to assure you that past-records will not be dug up but start a new inning and do your businesses honestly and in a fair manner and become a shareholder of the country’s growth,” said Javadekar, who holds the portfolio of Human Resource Development. Calling GST as a classic case of cooperative federalism, Javadekar said Prime Minister Narendra Modi, by implementing the one-nation-one tax, has done the economic integration of the nation.
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He said that earlier traders and businessmen were considered as “thieves” and “inspector raj” was prevalent, however, GST has ended various taxes and also the inspector raj. He added that with GST, tax on tax concept is over and it has led to reduction in the prices of various commodities.
Javadekar further added that several sectors are in 0 per cent tax slab in the new tax regime. “Now, people who are in the 0 per cent slab of tax, are coming to us and asking to include them in 5 per cent bracket as they want to avail the benefit of credit input system,” he said. The minister said that in the new tax regime, importers would have to pay IGST and the move will provide security to the domestic manufacturers.