Taxation Streamlined Today: Piyush Goyal
Goyal emphasised that for the first time since Independence, historic and comprehensive reforms have taken place in the country, which will take the nation to new heights. He further noted that India has the capability to take steps which can give significant results
New Delhi: Union minister of commerce and industry Piyush Goyal on Friday said that the government would soon notify a transitional arrangement on handling goods already stocked under the higher goods and services tax (GST) slabs as new rates kick in for most categories from September 22. “The Centre will keep vigil to ensure that the benefits of GST rationalisation are passed on fully to consumers,” he said, while addressing a BJP press conference here.
Hitting out at the Congress-led UPA governments, the minister also said that the new GST tax slabs is a ‘historic decision’ taken by his own government, stating that the industry has given him assurance that the entire fall in taxes on various items will be reflected in their prices. “The GST Council’s decision will bring all products, except sin goods, under 5 per cent and 18 per cent slabs, while reducing it to zero on a host of essential items from September 22,” the minister said.
Goyal further said that the GST reforms are the ‘most transformative’ initiative and everyone will get benefits before Navratri. His comments, however, come at a time when dealers are uncertain over how to handle input tax credit or ITC for goods stocked under the old and higher GST slabs. “The finance ministry will soon notify a transitional arrangement on handling goods already stocked under the higher GST slabs as soon as new rates kick in,” he said.
When asked whether the government’s decision on GST 2.O will counter the US steep tariffs on India, the minister rejected the contention, saying that the decision on GST reforms has nothing to do with any other nation. “This change did not happen overnight, for at least a year states and Centre have been working on reforming GST that led to the decision on September 3,” he said.
Lastly, he slammed the Congress and its allies who are taking swipes at the government for ‘delayed’ rationalisation of the GST regime. “They have exposed their own incompetence as they could not roll out the GST during their stint in power during 2004-14 and were only busy in corruption,” he said.
