Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: empanelment :: cpt :: list of goods taxed at 4% :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ACCOUNTING STANDARD :: TDS :: due date for vat payment
Service Tax »
 Why is the successful roll-out of the e-way bill necessary?
 How service tax became revenue lifeline for the Govt
 Three simple tricks to save income tax without investing fresh funds
 Goods and Services Tax (Compensation to States) Amendment Act, 2017.
 Services sector need to brought under Section 72A of the Income-Tax Act
 Simplifying GST: Creating a Grand Simple Tax
 The way ahead for goods and services tax
 Goods & Service Tax (GST): Recent Clarifications
 Tax payers can see status of returns filed on GSTN portal
 Export And Import Of Goods Under GST
 The Finance Resolution And Deposit Insurance Bill, 2017

Goods and Services Tax was not an easy reform to implement
July, 31st 2017

Underlining the government's push on reforms, Jaitley said in the last three years, the prime minister has been "forcing one or two important changes. India has to become a country where it is easy to do business and the businesses are done in the most ethical way.

The Goods and Services Tax was not an “easy reform to implement” but it has evoked “great” public support with the government deciding not to blink in the face of opposition to the new taxation measure, Union Finance Minister Arun Jaitley said today. “We have today reached a stage of history where there is a great amount of popular support behind reforms because people have become restless. They are not willing to be satisfied with a situation wherein India cannot reach up to its potential,” he said here. Jaitley was in the city to address a GST Conclave organised by various industry bodies like CII and FICCI. “I can say with a reasonable expectation for the future that it (GST) was not a very easy reform to implement.Occasionally, there are people who try and prevent any reform from happening,” he said.

Jaitely said he had learnt in the last few years that one should not blink if convinced that a reform was in the national interest. “If you pause, blink, go into a reconsideration mode,then those who want to trip you will never allow those reforms to take place,” he said However, this time there was “great amount of public support” for the Goods and Services Tax as people have become”restless,” he said. The finance minister said the pressure was on those who were blocking important legislations, disrupting parliament or when there was a time gap when the GST amendment was not allowed to be passed. Such ‘public pressure’ existed even on governments to continue to act and act correctly, and the popular opinion in the country was undergoing a “transformational change,” he said. “Therefore, let me say, that it is the people who have compelled this reform and brought the Centre and states together,” he said.

The finance minister said the Centre was aware of several issues being raised, adding that he was “conscious” of the difficulties, and therefore, constant interactions were happening on GST. Pitching the new taxation law as a key economic reform in post-independent India, Jaitley said, “Our next generation will be horrified with the idea of what originally our indirect tax system was.” “Politically we became one, for all commercial and economic purposes we were not one,” he said. Besides different Central taxes, states levied their own taxes and 17 such taxes had to be integrated into one and this brought in benefits like doing away with multiple taxation and ensuring free flow of goods across the country, saving on fuel, money and man hours, he said. Multiple returns, which often led to corruption,harassment and compliance burdens had also been done away with, he said, adding the country needed revenue to address important issues like procuring of arms and ammunitions for the army. Saying that the army required weapons in a modern warfare, he, however, wished a war did not take place. When concerns were raised by manufacturing-oriented states Tamil Nadu, Karnataka, Maharashtra and Gujarat over possible loss of revenue due to GST, the government has assured to compensate for them.

“However, when the earlier government had tried it, they had not assured the states of a compensation,” he said in an apparent reference to the Congress-led UPA. Recalling the course of GST rollout, he said along with other states, Jammu and Kashmir also passed the legislation,in the face of separatists questioning the economic integration. “The separatists started saying why should you economically integrate. But the consumer started saying if you did not integrate, I will not get the benefit of input credit and I have to pay tax twice over. So it was really an idealogical debate between the consumer and separatists,”he said. Following the rollout of GST, the number of registrants originally paying taxes like VAT, Excise and Service Tax,which was around Rs 80 lakh, was growing and this gave the government a “slight comfort level,” Jaitley said. And once this base starts expanding, it meant greater compliance and it was also an evidence that registration was a simple process, he said. Further, the government had started off with multiples labs to prevent inflationary impact on products.
PM Modi Addresses 1st ‘Mann Ki Baat’ Post GST Implementation, Hails Its ‘Successful Rollout’

Underlining the Narendra Modi-led government’s push on reforms, Jaitley said in the last three years, the prime minister has been “forcing one or two important changes.” “The changes really are that we create an environment which is business friendly in which your interface with government is the least, which is business friendly. We have eased the system,” he said. Also, there was no discretion in allocation of spectrum or minerals, and these were being decided by market mechanisms, he said. “If we today aspire to become a developed economy from a developing economy, if we continue to make changes and reformat this pace, we have the capacity to transform ourselves into a developed economy, improve the lives of our people and become a strong country,” he added. For that, India has to become a country where it is easy to do business and a country where businesses are done in the most ethical manner, Jaitely said, adding each step of the government was guided and motivated by this consideration.

Nobody realised how the Insolvency and Bankruptcy Code would function when it was passed, he said, adding earlier those who took of rupees from banks and default on repaying them thought bankers could do nothing except have sleepless nights. “The IBC has actually reversed this situation, that if you did that (default on payments), you have to exit and someone else has to control that business,” Jaitley said. Earlier in the day, Jaitley, along with Minister of State for Commerce and Industry, Nirmala Sitharaman interacted with industrialists here. Later, he also visited the memorial of late Tamil Nadu chief minister J Jayalalithaa at the Marina Beach here and paid floral tributes.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions