FinMin to hold meeting with stakeholders on GST

FinMin to hold meeting with stakeholders on GST

FinMin to hold meeting with stakeholders on GST

As part of series of meetings with stakeholders, the finance ministry will hold interactive session with chambers of trade and industry and others to understand and address the apprehensions and concerns about Goods and Services Tax (GST).

The meetings spread over the next three days will also provide a platform for businesses to express their views on important aspects of GST. Ten sessions of two hours each will be conducted in the next three days, according to sources in the finance ministry.

Revenue Secretary Hasmukh Adhia along with senior officers of Central Board of Excise and Customs (CBEC) has already met representatives of IT-ITeS and transport, ecommerce and telecom sectors in the past two days.

The ministry officials have also lined up meetings with sector experts in civil aviation, exports and banking.

“The interactive session underline the endeavour of the government in order to understand and address the apprehensions and concerns of the various stakeholders about GST and also provide a platform for business to express their views on aspects of GST,” a ministry statement said.

The long-awaited GST Constitution Amendment Bill was cleared by Parliament in the just-concluded Monsoon session after which Assam, Bihar and Jharkhand have ratified it. It needs ratification by 13 more states before the President gives his approval.

After the bill is ratified by the the states, Parliament will have to pass two legislations — CGST and IGST — detailing the new tax code. This could happen in the winter session of Parliament in November. Similar tax laws will also have to be passed by the states.

Once implemented, the GST will subsume excise, service tax and other local levies, will create one market for seamless transfer of goods and services across the country.The government is planning to implement GST from April next year.

Get a round-up of the day's top stories in your inbox

Check out all newsletters

Get a round-up of the day's top stories in your inbox