GST roll out: Transition to take a year, some pains ahead, says Arvind Panagariya

Panagariya added there will be challenges for the government and the industry both as a new system is being created.

By: Express Web Desk | New Delhi | Published:April 11, 2017 9:59 am
GST, GST date, Arvind Panagariya GST, GST roll out date, GST implementation, GST news, Goods and Services tax, Arvind Panagariya, Niti Aayog, India news, Indian express Vice Chairman of Niti Aayog Arvind Panagariya

As the government looks set to roll out the much-awaited Goods and Services Tax (GST) from July 1, Niti Aayog vice-chairman Arvind Panagariya struck a note of caution saying the economy will see some growing pains as it looks at a transition from the current tax system. In a statement to news agency ANI on Tuesday, Panagariya said, “Transition will take at least one year and will have some growing pains.”

READ: Rajya Sabha passes all four GST bills to pave way for rollout

Panagariya added there will be challenges for the government and the industry both as a new system is being created. Niti Aayog vice-chairman’s comments comes days after the Rajya Sabha passed four supplementary legislations to make way for the GST roll out. The four supplementary Bills that were passed in the upper house are the Central GST Bill, 2017, the Integrated GST Bill, 2017, the GST (Compensation to States) Bill, 2017 and the Union Territory GST Bill, 2017. The Lok Sabha had passed these Bill son March 29 last month. Once the Bills were passed in Rajya Sabha, Union Finance Minister Arun Jaitley had conceded that successive governments have contributed towards the one tax regime and no one person can take credit for it. “This Bill, I have no hesitation in conceding, is a collective property,” he had said in the Rajya Sabha.

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    T DUTTA
    Apr 11, 2017 at 7:23 pm
    IN GST COUNCIL ALL STATES HAVE ONE VOTE---VERY SMALL STATES LIKE SIKKIM HAVE THE SAME VOTE LIKE VERY BIG STATES LIKE UP AND MAHARASTRA---STATE VOTES MUST BE WEIGHTED either based on area or po tion
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      Observer
      Apr 11, 2017 at 5:29 pm
      Many grocery shop traders simply issue bills on plain blank paper writing the itemwise amount and total amount payable in the process. All this just on a plain pieces of paper. Many Customers also dont quesion all this and readily make cash payment of amounts ranging from Rs.900/- to Rs.9000/- or even more. No questions asked, fatafat payments made. All this happening in w markets also for dift.items. How is GST going to take care of these issues/situations?.
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        shailendra
        Apr 11, 2017 at 5:09 pm
        You want change , get ready for a pain & gain, this is the law of universe, nothing is served on plate
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          askme
          Apr 11, 2017 at 2:51 pm
          As long as this guy is not feeling the pain so what if the public already burdened with ill thought and ill implemented government rules ... Has this guy ever stood in a bank queue for hours to withdraw his money... guys like him are without accountability of politicians - super bureaucrats
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            Sankaran Krishnan
            Apr 11, 2017 at 12:45 pm
            Yes once the Tax rates and slabs are known to the Industry and the market the advantage or disadvantage will be known after the first year and by that time the Govt. and its Expert team must study and analyse and accordingly revise the norms and rates based on the feedback and for a good transition !!!
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              Dr.Damodar Biswal
              Apr 11, 2017 at 12:16 pm
              Like demonetisation, people should get ready to face initial pain in GST rollout .
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                T DUTTA
                Apr 11, 2017 at 10:25 am
                TOLL TAX MAY BE ABOLISHED AND MERGED WITH ROAD TAX
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                  Parth Garg
                  Apr 11, 2017 at 10:25 am
                  By 'some pain' Panagaria hints at accute pain lasting for more than an year. GST will bring the tax payers to their knees.
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                    T DUTTA
                    Apr 11, 2017 at 10:13 am
                    will some indirect tax remain SEPARATE?
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