GST Roll Out from Today midnight; Revenue Secretary Says it is benefit to honest taxpayers
New Delhi, June 30: Hours before India ushers in the Goods and Services Tax (GST), Revenue Secretary Hasmukh Adhia on Friday said that no one should have apprehensions over its implementation as the tax reform will benefit the honest taxpayers.
Asserting that people should not fall for any rumor, Adhia said that the process around the implementation and execution of the GST will be transparent.
“People should not believe in any misinformation, its transparent process. Honest taxpayers will benefit. Nothing to worry about GST implementation, don’t need big IT infrastructure. Even B2B don’t need big software. We will give free software,” said Adhia.
Elucidating the process of the filing returns, Adhia further said that the people will only have to file return one in three months.
“There are misconceptions about the return, it is being said that one has to file three returns in a month. But the truth is that only one return has to be filed in a month. There are three parts to it, one part has to be filled, the other two parts will be computer generated,” said Adhia.
“Composite dealer don’t have to file the return every month, they have to file the return once after three months, where they have to provide the detail of their total turnover,” he added.
The GST is slated to be rolled at midnight today.
GST will bring the Indian economy under a single tax bracket.
Six slabs of taxation have been proposed by the council, ranging from zero percent to 43 percent.
Initially, it is being said that essential commodities and luxury goods will be taxed separately.
The GST is said to be extremely beneficial to consumers, as it will bring down the price of goods and curb inflation.
The GST is also said to reduce the delays in tax payments and ensure more stringent checks on the same.