GST to be rolled out in this financial year: Finance Minister
The Finance Minister Arun Jaitley statement todaythat a solution to the issues relating to the comprehensive indirect tax regime might be finalised in the current year itself, brought a lot of cheer to the industry.Jaitley wants to roll out Goods and Services Tax (GST) and wants to give a boost to the industries and increase production.
His government wants to approve the legislative scheme which enables introduction of GST. He believes that this would streamline tax administration and avoid harassment of business. This move would also result in higher tax collection both for centre and states. While presenting the Union Budget for 2014-15 he mentioned that the GST regime aims at includingmost of the indirect taxes at the central as well as states’ level.
The previous UPA government in 2011 introduced a Constitution Amendment Bill in the Lok Sabha, and they wanted to lay the road for the introduction of GST. However the NDA government does not want to waste any more time on discussions and believes that the debate on whether to introduce GST must come to an end now.
Modi has always believed in a time bound approach to any issue and Jaitley stated that since this issue has been discussed for the past many years, now is the time to take an action. Some states have been apprehensive about surrendering tax jurisdiction others want to be adequately compensated. He assured that everyone’s interest will be safeguarded and the policies his government is bringing will establish a symbiotic relationship between all the stakeholders.
Source- The Financial Express
Arun Jaitley, finance minister Arun Jaitley, Finance Minister Arun Jaitley's maiden budget, Goods and Services Tax
