GST Dual Control Duel
ADDRESSING an ASSOCHAM event yesterday, the CBEC Chairman, Najib Shah asked the industry to prepare itself to implement the Goods and Services Tax (GST) from April 1. He said the Government was GST ready and urged the industry also to be ready. The Chairman said,
+ We don't want to reduce 'dual' (GST structure) into duel.
+ Lack of consensus on the issue of how the new tax, having central and state elements, would be collected and administered is holding up the supporting legislations on the Goods and Service Tax (GST), which the government is keen on introducing from April 1 next year.
+ CBEC would also look into anti-profiteering mechanism.
+ We are very clear that one assessee will be dealing with the administration of either state or the Centre. So the entire cross empowerment issue was, we empower each other to say that in case the state authorities look at SGST issue, they also look at CGST and vice versa.
+ The central government and state governments have to collect Rs 8 lakh plus crore of revenue which they are currently getting from indirect taxes other than customs.
+ I'm sick and tired of hearing from wise people that we should have one rate of GST". How can we have a one rate for edible oils, cars, atta, computers? We cannot have one rate but we can reach one rate 20 years down the line. We have to have multiple rates.
+ We are doing the great experiments with matching of invoices, no other administration has attempted this.