New Delhi, Sep 5 Union Commerce Minister Piyush Goyal on Friday said the government would soon notify a transitional arrangement on handling goods already stocked under the higher goods and services tax (GST) slabs.
The deadline for new two-slab tax structure has been fixed for September 22, and the dealers are uncertain over how to handle Input Tax Credit (ITC) for goods stocked under the old and higher GST slabs.
Addressing a press conference here, the minister said the government will ensure that the entire benefits of rate reductions are passed on to the consumers by the industry.
Goyal said that the decision on GST reforms has nothing to do with any other nation.
“This change did not happen overnight. For at least a year, states and the Centre have been working on reforming GST that led to the decision. What is happening with other nations has only been happening for the past one month or so. So, these two are not related," the minister informed.
Goyal termed the reforms made in GST a step towards ‘Atmanirbhar Bharat’.
“The GST reforms are a step in the direction of ensuring an Atmanirbhar Bharat, a self-reliant India that cares for 140 crore Indians coming together with the collective resolve to make India Viksit Bharat by 2047, a developed and prosperous nation where everybody gets opportunity, where everybody becomes a participant of India's inclusive and sustainable growth story,” said Goyal at an event on Thursday.
Goyal also exuded confidence that the country can weather any challenge. “India stands strong, united, and has the confidence to weather any situation. We have done that in the past, and we will do the same in the future as well,” the minister said.
Meanwhile, the Central Board of Indirect Taxes and Customs (CBIC) is also confident of getting its technology ready by September 22 for a smooth transition to the next-generation GST.
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