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GST Updates

Monday, July 03, 2017

Consumers not complaining about GST, only some traders are: FM
Finance Minister Arun Jaitley yesterday wondered why certain traders are complaining about GST rates when the ultimate burden of taxation will fall on consumers. Jaitley said the consumers are not complaining about Goods and Services Tax (GST) because the government has kept the rates at reasonable levels.

"In the country nowhere the consumer is complaining because we have tried to make reasonable the basket of taxation. So why are one or two traders complaining? Traders don't have to pay tax, consumers have to," he said.

The minister further said nobody can claim that one has the fundamental right of not paying taxes. The society has gotten used to the mindset that not paying taxes is not a wrong thing, he said.

"This mindset needs to be changed and a new normal has to be created. If India has to move from developing economy to developed economy then the attitude, mindset of people... It is about time that the mindset also became a mindset of a developed economy," Jaitley said at an event here.

He said many "tough decisions" have been taken by the government which helped restore credibility of the economy. "For any economic reform, it is essential that direction of the government is right. No half-baked measures can result in reform. Government which blinks is never able to reform," Jaitley said.

GST will boost Maharashtra revenue by 20-25%, says Gadkari
Union Minister for Road Transport and Highways and Shipping Nitin Gadkari yesterday said that implementation of Goods and Services Tax will increase Maharashtra's revenue by 20-25%.

"GST, which came into force yesterday, will increase Maharashtra's revenue by 20-25 percent," Gadkari said, speaking at an event organised by the Institute of Chartered Accountants (ICAI) here.

It would provide relief to the state which recently declared a farm loan waiver of Rs 34,000 crore, he said. With the roll-out of new tax regime, the number of inter-state check posts between Delhi and Mumbai where transport vehicles have to stop will come down to just one, he said, adding that it would reduce prices.

GST has ushered in economic freedom, Gadkari said, adding that logistics sector will be one of its biggest beneficiaries.

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