MOS for Fin releases book on ‘GST for MSME’; wants to make India's GST the best one in the World

New Delhi, July 2 (KNN) While celebrating the ‘GST Day’ organized by the Central Board of Indirect Taxes &Customs (CBIC), the Union Minister of State for Finance, Anurag Thakur released a book on ‘GST for MSME’ and stated that the CBIC has done very good job for MSME sector.

He called upon all officers to make GST in India the best GST available in the world.

Prior to GST, in the Constitutional Scheme, Thakur said that taxation power with the Central Government on goods was limited-up to the stage of manufacture and production, while the States had the power to tax sale and purchase of goods.

On the other hand, the Minister said that the Centre had the exclusive power to tax services.

He said that 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.

The MOS(Finance) said that 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.

He further added that our Prime Mister has rightly called GST as “Good and Simple Tax.’’ He said that 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.

Thakur said that there are so many other positives that do not need reiteration.

Minister added that “IMANDAR TAXPAYERS SE BAIR NAHIN, FAKE INVOICES WALON KI KHAIR NAHIN”.

He summed-up GST to be a WIN-WIN situation for all the stakeholders associated with the best tax GST.

On this occasion, 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.

Chairman CBIC, P.K. Das said that the introduction of GST was a revolutionary step not only for the trade & industry, but also for all CBIC officers as well.

Speaking on the occasion, Revenue Secretary, Ajay Bhushan Pandey said that GST is an excellent example of Federal Cooperation.

There are 1.2 Crore tax payers who have registered on GSTN. Around 70 lakh tax payers regularly file returns and an amount of Rs. 1 lakh Crore of tax is paid online, he added.

At the end, proposing vote of thanks, Member (Tax Policy),CBIC, John Joseph assured all the speakers that CBIC aspires to improvise tax administration with the changing requirement of times and further assured that whatever extra mile is required to work to address the challenges, our endeavour would be to keep improving the tax administration to meet these challenges.