With the government all set to roll out Goods and Services Tax (GST) today midnight, Revenue Secretary Hasmukh Adhiya has said that people should not believe in any false information and that everyone will benefit from it. “People should not believe in any misinformation as it is a transparent process.Honest taxpayers will benefit”, he was quoted as saying by ANI. Trying to allay fear among retailers on the number of GST retuns to be filed by them every month, he said, “ There is a misconception among retailers that they have to file three returns per month. They need not to worry as one one return is needed to be filled. Rest two will be taken care of by computers”.
He added that composite dealers don’t have to file returns every month and instead they have to file it once in every three months, and that too details of total turnover. The revenue secretary further said that B2B companies will be provided an excel format so they can keep updating their invoice details updated and upload every month on the 10th. Meanwhile, Union Finance Minister Arun Jaitley has asked representatives of Trade and Industry to make sure that all benefits from GST are passed on to the consumers in a transparent manner. He held a meeting with representatives of the trade and industry yesterday in the national capital, ANI said.
While making his remarks at the meeting, Jaitle said a large number of traders have registered themselves and the official machinery was ready for rollout of the GST from July 1. The finance minister also expressed confidence that GST will not have any inflationary impact. He also urged the representatives of trade and industry to explain the postive impact of GST to their retailers, distributors and consumers mainly on the price front.
Source: Financial Express