New Delhi, Jul 1 : Goods & Services Tax (GST) has been a game changer for all the stakeholders in the economy, Minister of State for Finance and Corporate Affairs Anurag Singh Thakur said on Monday.
Cautioning about fake invoices in GST bring bad name, Mr Thakur urged the leaders of Industry to take corrective steps.He said, “Imandar taxpayers se bair nahi, fake invoice walon ki khair nahi. (We respect honest taxpayers but will not leave fraudsters who generate fake invoices).Mr Thakur was speaking at the ‘GST Day’ celebrations organised by the Central Board of Indirect Taxes & Customs (CBIC) on the second anniversary of GST here.
Prior to GST, in the Constitutional scheme, Mr Thakur said taxation power with the Central Government on goods was limited-up to the stage of manufacture and production, while states had the power to tax sale and purchase of goods.
On the other hand, the Minister said the Centre had the exclusive power to tax services.He said this sort of division of taxing powers created a grey zone which led to legal disputes since determination of what constitutes a goods or service became increasingly difficult to synergise Central, State and Local Area levies.
In GST, the transition had been to levy taxes on supplies, and mechanisms to be brought in place in such a way that burden of GST does not fall on business but on the end consumption.By subsuming more than a score of indirect taxes under GST, the road to a harmonized system of indirect tax has been paved to make India an economic union, which has also significantly contributed towards higher efficiency and competitiveness," the Minister added.
The Minister said, "Our Prime Minister has rightly called GST as “Good and Simple Tax.’’
"It is a shining example of GST having made India a true common market is that the transport time and cost of moving goods across the length and breadth of the country have come down significantly." Talking about the GST Council, he said all the decision taken at GST Council are on consensus basis. He also called upon all officers to make GST in India the best GST available in the world.
Speaking on the occasion, Revenue Secretary Ajay Bhushan Pandey, CBIC chairman PK Das and CBIC member John Joseph, graced the occasion. On this occasion, Mr Thakur granted Commendation Certificates to 30 CBIC Officers from various formations across the country for their valuable contribution in the administration of GST. He also released a book on “GST for MSME” by CBIC.(UNI)