Govt examining stakeholders feedback on GST
Government is examining the feedback of stakeholders on business processes regarding the proposed Goods and Services Tax (GST) regime, CBEC Chairman Najib Shah said Friday.
New Delhi: Government is examining the feedback of stakeholders on business processes regarding the proposed Goods and Services Tax (GST) regime, CBEC Chairman Najib Shah said Friday.
"The GST success is predicate on the IT infrastructure...
The business processes which are already in the public domain -- registration, return, refund and payments -- we are getting the responses, we are examining those responses," he said in a keynote address on 'Taxation Issues and the way Forward for GST and FDI' at CII's Retail Summit here.
The business process with regards to GST was put in public domain in October last year.
Talking about various aspects of the GST, Shah said the proposed indirect tax regime would substantially mitigate the cascading effect of taxes and create a national common market.
"It should also reduce litigation, it should also increase our revenue. As you are aware we are waiting for the passage of the Constitution Amendment Bill in Parliament.
The success of the GST lies with the fact that...seamless flow and no breakage in the taxation chain", he said.
The Constitution Amendment Bill for roll out of GST has been passed by Lok Sabha, but is stuck in Rajya Sabha where the ruling party does not enjoy majority of its own.
Finance Ministry Arun Jaitley had time and again said the government was making all efforts for passage of the important bill.
The government had planned to implement the new regime from April 1 this year.
The Central Board of Excise and Customs (CBEC) Chairman further said the GST should give big boost to the volumes in the retail sector because of the expected increase in the commodities consumption.
He said that the states are joining the Goods and Services Tax Network (GSTN) for Information Technology process for GST.