Mumbai: Finance Minister Arun Jaitley said Tuesday that the goods and services tax (GST) will definitely be launched at midnight on June 30.
Addressing the media in New Delhi, he said the opening ceremony will take place in Parliament’s Central Hall. The President, the Vice-President and the Prime Minister shall be present. The President and the Prime Minister will talk about the GST.
He added that two short films will also be screened on GST on that day. In addressing the issue of the impact of the GST on GDP, he said: “Long-term advance, being a more efficient system, income inflow and spending capacity of the Center and the states will increase and have a consequent impact on GDP “.
Jaitley also said that all reforms are initially seen as “disturbing.” However, in the long term they become “performance-yield”. “There will be short-term challenges in the change, so I’ve extended the date to submit the GST statements, industry and trade will have to prepare, it’s not very complicated,” he said.
He also said that the registration process in the GSTN continues without problems. Responding to the question of traders facing problems in registering themselves, he said: “The 65,000 who registered had no problems, the 5,000 who did it are on Twitter.”
Speaking of the country’s GST readiness, he said they will be measured not on July 1, but in August, when the statements will be filed. He reiterated that the government has given a two-month relaxation to the industry for filing returns because of this reason. “We have been saying that the GST will start on July 1, that no one has any business to not be ready, if a trader is still not ready for that moment, then he does not want to be ready,” he added.
Previously, Associated Chambers of Commerce & amp; The Indian Industry (Assocham) and the Ministry of Civil Aviation had asked the Ministry of Finance to postpone the deployment of the GST. Both bodies considered that the machinery was not prepared to extend the GST from 1 July.
The anti-speculation provision of GST has been a point of contention between the government and traders. “The anti-speculation clause in GST is a deterrent that is not meant to be used unless forced to do so,” Jaitley said reassuringly.
