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28-Jun2017

People may have to face some difficulty initially during GST roll out: Arun Jaitley

Just few days before the implementation of new indirect tax regime, Finance Minister Arun Jaitley has said that people may have to face some difficulty initially during the Goods and Services Tax (GST) is rolled out, but in the long run the new indirect tax regime would help cut tax evasion and check price rise. He also said that the GST Council will look at bringing real estate within the GST net by next year and revisit taxing of petroleum products under the new regime in 1-2 years.

Jaitley added that while negotiating with the states on GST there were some tough issues like petroleum and potable alcohol on which states were unwilling to leave their taxation powers. He said “If we insisted on that, then the deal would have been broken. The Constitution amendment provides that petroleum products can be taxed under GST as and when GST Council decides. And once GST is implemented, in 1-2 years once again the Council will get opportunity to revisit it.”

Finance Minister said that he was in favour of a proposal mooted by Delhi Deputy Chief Minister Manish Sisodia to bring real estate under GST, but few other states were not in favour. Besides, the GST will be launched on July 1 and will subsume a host of indirect levies like excise, service tax and VAT. While products like kerosene, naphtha and LPG will be under GST, five items including crude oil, diesel and petrol have been excluded.


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