GST: Power tariffs will not rise, says Piyush Goyal

GST: Power tariffs will not rise, says Piyush Goyal”

"Intention is not to harass everyone in the first month", he said.

Hire financial consultants: As the Finance Minister has already made it clear that the GST would be rolled out on Jun 30-July 1, It's now certain that there won't be any delay.

There has not been enough time.

Saket Agarwal, Global CEO of Spice Digital, said that over the last couple of weeks there have been quite a few changes.

After implementation of GST, the food will get expensive in the restaurant as the food tax will be divided into three parts under GST.

It will be a significant relief from the procedural aspect but it will also add to the uncertainty of business outcome.

"Meanwhile, replying to a question on growth, he said the country is moving towards reclaiming its position as the biggest GDP contributor to world economy like the 37 percent it did during the 17th and 18th centuries". The certainty of input tax credit has been delayed by nearly 90 days. All tax payer services such as registrations, returns, payments, etc. would be available to the taxpayers online, which would make compliance easy and transparent, the statement further said.

A senior airline official, who spoke to the Nikkei Asian Review on condition of anonymity, said his company is not ready for the GST.

The rules for creating invoices are out.

While GSPs help businesses in uploading invoices and filing returns, ASPs actually help in converting the raw sales and purchase data of traders into GST returns. The testing will take time.

Read Also:GST rolls out on July 1: What are the key features and concerns? Don't expect to file it from within Tally.

There may be some confusion for two-three months before prices stabilise.

Companies have to understand the beneficial nature of GST that increased ITC would result in lower tax incidence. "If the date is delayed to September, more bodies would say that they are not ready", said Rajesh Chadha, a senior fellow at the National Council of Applied Economic Research, a New Delhi-based think tank. He added that the structure of the anti-profiteering authority ensures that individual officials aren't empowered to use their discretion as only the director general of safeguard will be authorised to carry out detailed investigation.

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