FINAL GST DRAFT SHORTLY WITH DRASTIC PRUNING OF CENTRAL EXEMPTIONS LIST: SPECIAL SECRETARY (REVENUE)

FINAL GST DRAFT SHORTLY WITH DRASTIC PRUNING OF CENTRAL EXEMPTIONS LIST: SPECIAL SECRETARY (REVENUE)

FINAL GST DRAFT SHORTLY WITH DRASTIC PRUNING OF CENTRAL EXEMPTIONS LIST: SPECIAL SECRETARY (REVENUE)

 

No.PR-164
December 17, 2015
New Delhi
 

FINAL GST DRAFT SHORTLY WITH DRASTIC PRUNING OF CENTRAL EXEMPTIONS LIST: SPECIAL SECRETARY (REVENUE)
 

The Ministry of Finance will shortly roll out the final draft on GST in which a vast number of issues and concerns raised by industry relating to GST will have been largely addressed, according to Special Secretary (Revenue), Ms. Rashmi Verma.
 

While addressing an International Indirect Tax & GST Conference: Recent Developments in India & Abroad, organized by the PHD Chamber of Commerce and Industry here today, Ms. Verma said that the basic draft businesses processer, GST is already on public domain and the government is deeply involved in the engagement and consultative exercises not only with industry but also the state governments, taking a balanced view of their concerns and issues before the final draft GST is finalized and hoping that GST would come by next fiscal.
 

“As soon as, this exercise is completed, the government will roll out the final GST draft paper in the public domain very soon without revealing the specific time for it”, she said.
 

Ms. Verma also disclosed that the centre would drastically prune the list of exemptions, being currently availed by industry as incentives to expand their businesses in certain hilly states as well as northern eastern part of the country.
 

The drastic reduction in the central exemption list will enable seamless flow of goods and services tax and substantially arrest the cascading effect as GST is going to be the reality of the day if not in the current winter session of the Parliament then in its subsequent sessions.
 

The Chairman, CBEC, Mr. Najib Shah in his observations endorsed what was observed by the Special Secretary (Revenue) earlier in her inaugural address emphasizing that tax exemptions until now extended to industry for their expansion and diversification will have to go off with GST legislation becoming a reality.
 

In his welcoming remarks, the President, PHD Chamber, Dr. Mahesh Gupta said, “GST is a must to achieve double digit growth and it bring ease of business by doing away with multiplicity of Taxes & their cascading impact. It would also help in reducing the cost of administration while improving compliance. GST is expected to increase tax revenue for the State Governments due to a wider tax base and better compliance. It will bring more FDI and create more employment opportunities for overall growth of the country. GST will reduce the barriers between states. It will make the country a common market place”.
 

Among others who also participated at the Conference comprised Sr. Vice President of the PHD Chamber Mr. Gopal Jiwarajka including Chairman & Co-Chairman, Indirect Taxes Committee, PHD Chamber Mr. Bimal Jain and Mr. N K Gupta along with its Secretary General Mr. Saurabh Sanyal.
 

ENDS.

Koteshwar Prasad Dobhal
Consultant (PR)