Three days after the much-awaited Goods and Services Tax (GST) was launched in the country, Revenue Secretary Hasmukh Adhia on Tuesday claimed there was not a single incident of hindrance in the implementation of the new tax regime since its rollout. In a series of statements to news agency PTI, Adhia said: “We are closely monitoring price and supply situation post-GST implementation. The Central monitoring committee, comprising of 15 top secretaries, to meet every Tuesday to monitor.”
The revenue secretary also claimed that around 2 lakh new registrations have been done on the GST network, out of which 39,000 are already approved. He further added that price hike on account of GST needs to be advertised in two newspapers, only after that new retail price sticker can be affixed on items. Also Read: Gujarat traders continue strike against GST
Clearing misgivings post implementation of the national sales tax, GST, he said small traders are not required to issue bills as they are covered under a composition scheme that requires them to pay a fixed tax. Bigger businesses with a turnover of over Rs 75 lakh are required to issue bills but not necessarily a computer generated receipts, he said adding hand-written receipts with a proper invoice number that can be added and filed in returns will be good enough.
He also stated that toll, mandi charges and fee on vehicle entry into states are not subsumed in the GST and will continue to be charged by local bodies or state governments.
The landmark GST regime was rolled out at midnight on Saturday in a special midnight session in the central Hall of Parliament, with Prime Minister Narendra Modi saying GST will be “not only a tax reform but an economic and social reform as well” that will unify the nation, “check corruption and end harassment at hands of officers”. The GST will now pave the way for achieving One Nation – One Tax – One Market goal. Apart from ensuring better compliance, the reform measure will replace a bunch of central and state levies with two taxes – Central GST and state GST.