NEW DELHI, Sept 2:
The Government is monitoring implementation of the Goods and Services Tax (GST) regularly and teething issues are being resolved immediately, Minister of State for Finance Arjun Ram Meghwal said today.
Some technical issues with regard to tax payment have come to light and GST Network (GSTN) was directed to resolve them, he added.
Authorities are also keeping a tab on impact of GST on prices of various commodities. According to the minister, a team of 180 officials and 30 ministers is on the job.
“They are getting feedback from various districts and towns and trying to assess what kind of procedural difficulties businesses are facing. Procedural issues are sorted out by tax authorities as and when they arise,” he said at an event organised by PHD Chamber here.
GST — touted by Prime Minister Narendra Modi as ‘Good and Simple Tax’ — was rolled out on July 1.
Meghwal ruled out instant policy measures to legalise introduction of crypto currency for security and commodities related transactions in Indian context pointing out though that a Committee has been set up to examine the pros and cons on the subject.
“The majority public view, however, on introduction of crypto currency in capital and commodities markets transaction is in the “negative” as of now as even Parliament in the recent past has been flooded with questions on the issue. The committee set up by the finance ministry on the issue though is weighing its consequences,” he said.
On GDP growth, he said manufacturing was hit in June because of destocking in light of GST implementation from July 1.
The growth slumped to a three-year low of 5.7 per cent during April-June — lagging China for the second straight quarter — as manufacturing slowed ahead of the GST launch amid demonetisation effect.
Meghwal, however, expressed hope that economic growth will pick up in the next quarter. (PTI)
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