New Delhi : Mr Tarkishore Prasad, Deputy Chief Minister, Bihar and Member, Group of Ministers on Rate Rationalisation under GST, today assured the taxpayers and industry that the aim of GST Council is to take decisions which will benefit states and the country.
Addressing the ‘GST Conclave-Stride Towards GST 2.0: Five Years of GST’, organized by FICCI, the Minister further stated that since the last 5 years of GST implementation, there has been 52 per cent increase in collections compared between 2017-18 and 2021-22. “GST is one of the best systems which is supporting the business and industry,” noted the Minister.
Enumerating the benefits post GST regime, Mr Prasad added that it has facilitated ease of doing business for the business by bringing various taxes under one umbrella. The focus has been on simplification of processes under GST benefiting the common man and GST implementation has ended the inspector raj, asserted the Minister.
Mr Suresh Kumar Khanna, Minister of Finance, Uttar Pradesh and Member, Group of Minister on Rate Rationalisation under GST said that currently three Group of Ministers (GoM) are functional including the GoM on pan masala along with casino and online gaming. “The meeting of the GST Council is on 12th July where decisions will be taken on rate rationalisation,” he added.
To further facilitate Ease of Doing Business for the industry, the Minister said that a GoM has been constituted to set up GST Tribunal. “This is needed and soon the process of setting up of the tribunal will be accelerated,” he said.
The registration process has been further simplified along with time-bound refund process which is benefiting the taxpayers. “On one hand the process of GST has been simplified and on the other hand, there has been increase in GST collections as well. GST has improved ease of doing business along with uniformity in tax rates. With the current system of GST functioning, I hope to achieve newer targets and heights,” added Mr Khanna.
Mr Subhrakant Panda, Senior Vice President, FICCI & Managing Director, Indian Metals & Ferro Alloys Ltd said that currently, GST covers only 60 per cent of economic activity and it is time to include petroleum products and natural gas under the ambit of GST. He further urged for setting up of an Appellate Tribunal to reduce the burden on the High Courts. “FICCI also recommends a review of ‘deeming fiction’ provisions of self-supply and cross-change to ease the compliance burden and improve ease of doing business,” he added.
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