The GST, which is being implemented from July 1, will have significant changes in the country. Which will be benefited from business people, foreign investors and common man. This is what the Revenue Secretary of the Ministry of Finance is like. According to him, the country’s ambition will increase through GST. This will create opportunities for companies from profitability to new jobs. How GST will accelerate the economy, as well as traders who still have concerns check more details for GST is Beneficial for all businessmen, Investors, Common Man say by Hasmukh Adhia
GST is Beneficial for all businessmen, Investors, Common Man
Interview With Revenue Secretary Hasmukh Adhia on GST Impact
Question – The biggest Indirect Tax Reform GST is going to be implemented after independence, how will it take the country’s economy to a new level?
Answer: Tax system of any country should be simple. There should not be much tax. GST is an important step taken in this direction. So far in the country, the state government had to take several cesses other than tax. After GST it will end. Its businessmen, industrialists, foreign investors will benefit from all. It would be easy to do business in the country. The profitability of the companies will increase. This will strengthen the entire economic system. Its impact will be seen in the form of new job opportunities in the country. To a lesser extent the structure of the Forest Tax One Nation will be ready in the country.
Question – As you said, after the GST, the economy will get a new momentum, in this, how much extra support of GST will be available in GDP growth.
Answer: See, I am not an economist, but it is true that Efficiency will grow from the simple tax system. Now the flaws in our tax system will be far away from GST. This will increase the profitability of the industry. Especially the logical level will be useful. Now Just In Time Inventory Overall it is decided that GST will accelerate the economy.
Question: Petroleum product is still out in GST, in which many political parties have alleged that this is a half-incomplete GST, what is your point of view?
Answer: See, as far as I understand, people are saying this because petroleum product is out of GST. One thing we must recognize is that some good thing is going to come, there are some compulsions along with it. When GST is implemented, the revenue of the states will increase and they will be satisfied that they will not be harmed, they will also agree to it. However, this is not going to be the first year of GST being implemented.
Question: Now only few days left for applicable of GST. At such a time, the businessmen are demanding reverse charge, input credit and tax rates. Is there any scope for change in view of this
Answer: Right now, we are preparing for GST rollout. If some kind of is going to be very difficult. Also, an item which is very important to consider, the GST Council can look into it. Overall, there may be some change in special circumstances. But it is not at all that the council will review every day.
Question – Not all traders are yet registered in GST. What is the plan of government?
Answer: 80 lakh businessmen were registered in VAT and service tax and excise tax, 65 lakh of them have registered. The rest will not be the reason. As many as 20 lakh turnover are over. Those who have to do business have come. The rest who have survived They will get one month. Once logged in, he will get the chance on the whole of July. Also, whose items and production and sales were not in the first tax and they have to register for the first time. He can continue business without registration for 30 days. But we have to say that from June 25 to July, such people will definitely get the registration. That’s because they have to do this in July.
Question: After the GST tax rate is fixed, firms producing fertilizers, pesticides and tractors are talking about the price increase, in this case it will be directly against the interests of the farmers.
Answer: See the Fertilizer now has a tax rate of 9-10%, which will be in the 12% slab of GST. When deciding the rate, our principal is that the slab is close to the slab that the old rate is kept in the same slab. Similarly, pesticides and tractors also come in this slab. I do not think this change will have a big impact. As far as tractor spare parts are concerned, it is in the rate of 18 and 28 per cent. But our principle is that it will get input tax redeem on this. If tax is higher on input and the tax on the output is less then they will get full refund. There is no need to increase the prices. However, there are issues with the tractors in the stock, which we will see.
Know more details for GST Rates
Question: Provision has also been made to stop profiteering in GST, If a trader does not take advantage of reduction in rate, then to what extent the government will go for it
Answer: Democracy is the biggest Vigilance awareness, Being aware will only raise questions. The best way to stop profiteering is to have the best way to stop profiteering. If the companies do not believe even after the voice of the people, their associations will also be negotiated. If this still does not matter then we will take the last weapon action.
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