Central Board of Excise and Customs (CBEC) Chairman Najib Shah has asked industry not to keep seeking exemptions under the GST regime as most of such exemptions would go away after it is put in place after July 1st although the deciding authority on doing away with exemptions post GST and fixing its rates would be the prerogative of the GST Council.
The Chairman also clarified that the anti-profiteering clause in GST Law is there as an enabler and industry should not read too much on it, promising that post GST host of indirect taxes would subsume in it making the new law user friendly.
He was addressing at the “National GST Conclave : One Nation One Tax-Pivotal Tax Reforms” organized by the PHD Chamber of Commerce and Industry here today.
GST Expert and Chairman, Indirect Taxes Committee, PHD Chamber, Bimal Jain said that for implementation of GST Law by July 1, find GST Law with Rules made public for impact and IT preparedness as also 4-tier rate’s classification of goods list be provided. Training and awareness programme should be conducted for both government officials and trade for better implementation of GST so that it becomes seamless and easier for its timely implementation.
President, PHD Chamber, Gopal Jiwarajka in his welcome remarks, demanded to know the justification of anti-profiteering clause in GST regime though he felt that post GST, indirect taxation would be by and large compliant by all sections of society and pave the way for higher revenue generation for the government.
KNN India, 9 February 2017