After the Goods and Service Tax (GST) council meeting headed by Fainance Minister Arun Jaitley the council has today approved half of the rules needed to rollout the tax regime from July 1.
After the Goods and Service Tax (GST) council meeting headed by Fainance Minister Arun Jaitley the council has today approved half of the rules needed to rollout the tax regime from July 1. The Finance Minister has further said that the panel will meet again on May 18-19 in Srinagar to finalise the rates of different commodities and services as also to approve the remaining ones.
Jaitley said the Council gave approval to amending the five rules on registration of entities under the GST regime, filing of returns, payment of tax and refund, invoicing and debit and credit notes in consonance with the GST law approved by Parliament this week. These rules were cleared in the meeting of the Council in September and today they were made in consonance with the Parliament approved law. Tentative approval was given to the remaining four rules of input tax credit, valuation, transition provisions and composition rules and the final approval will come in the next meeting to be held in Srinagar, he said.
Speaking on the GST bill today, Chief Economic Adviser Arvind Subramaniam has stated that the anti-profiteering clause under the GST is meant to ‘reassure’ that there would not be any significant rise in prices or inflation consequent to the implementation of Goods and Services Tax.
“There is a feeling when taxes goes up, they will be passed on to the consumer but when taxes come down the gains will not be passed on to consumers.You have to make sure that this sort of thing does not happen. In Malaysia, when they implemented VAT (Value Added Tax) a few years ago, it was badly received by public. But here I think, the anti-profiteering clause is meant to reassure the consumers at large that GST will not lead to significant increase in price and inflation,” said Subramaniam.
(With inputs from agencies)