Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
RSS

News

No delaying further, GST will launch on Jul 1: FM

Author: IANS/Thursday, June 29, 2017/Categories: TRACKING THE GST

No delaying further, GST will launch on Jul 1: FM

New Delhi (IANS) - Yet again ruling out deferring the implementation of the Goods and Services Tax (GST), Finance Minister Arun Jaitley (pictured) on June 28 appealed to the opposition parties, their MPs and states where these parties run the governments to attend the midnight launch of the new tax law in Parliament on June 30. "It is neither partisan nor dictated by any pressure. I appeal to all the parties, states and MPs to attend the function in the spirit of consensus that guided the making of the law," he told a press conference here.

Jaitley was replying to a question on the proposed plans of the opposition parties and their MPs to keep away from the midnight launch and demands for deferring the launch by 6 months. "There is a constitutional mandate that on September 15, you will lose the right to collect taxes. So an alternate system has to come into place. Hopefully by that the system will smoothen out. Those who are talking about deferring by 6 months, it is constitutionally impermissible. I hope Jammu and Kashmir is able to do it soon. I have emphasised that by the time they don't join, the traders will be paying tax on inputs and final product. It will be more as compared to rest of the states. It is in the interest of the state and consumers and traders," he said.
 
Jaitley said that all decisions related to GST were taken by consensus at all stages -- passing of the law in parliament, assemblies and on the legislative changes. Asked about apprehensions among various sections about the provisions of the new law, he said, "All GST-related decisions, I don't see much of a problem. Small issues will always be there. The system is fully geared up. System will eventually smoothen itself out. The date of implementation has always been decided by consensus by GST Council, not by centre."
 
To a question about the non-passage of the new law in Jammu and Kashmir, the Finance Minister said that it would only adversely affect the consumers and the businesses in the state because they would not get input credit and would be paying for the final product. The prices in Jammu and Kashmir would be higher than the prices in other states. Also, he said, the state would not be able to collect taxes because the existing laws would cease to operate from September 15.
 
He said that the centre was always working with an open mind. "The GST Council has set up its own processes. The council examines through fitment committee. They decide on merit. It is collectively decided. I can assure that every decision has been merit-based. It is neither partisan nor dictated by any pressure." 
 

 

Print Rate this article:
No rating

Number of views (242)/Comments (0)

S Vijaykrishnan
S Vijaykrishnan

IANS

Other posts by IANS
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free