Responding to queries about fixing the slab for different trades and industries, during an interactive session organised by BJP’s Coimbatore district unit, Sitharaman, who is Minister of State for Commerce and Industry, said that there should not be any confusion about GST rates on various products.
“Industry should come forward to raise their doubts and objections,” Sitharaman added.
The Minister said that there would be some teething problems during implementation of the system, which was conceptualised by taking the people into confidence and trust, and was also passed by various State Assemblies.
“However, in case if the industries are not 100 per cent satisfied, definitely I will recommend to have a review after three months, as suggested by some organisations,” Sitharaman said.
Assuring that no penalty would be imposed for three months if small and medium entrepreneurs failed to submit GST returns, she said that the government was ready to make accessible to the system, through chartered accountants and cost accountants Associations of various chambers of commerce at district headquarters.
Later, she clarified that changes in the duty drawback scheme would definitely not affect the export performance since India exports products and not tax.
Coir Board Chairman, C P Radhakrishnan said that, GST would be a boon and the issues raised by industries would be solved one by one in due course.
“The country can expect judicial reforms and electoral reforms soon on the lines of tax reforms like GST,” Radhakrishnan added.
Source: Times of India