GST council meeting begins, relief for small and medium business likely to be discussed
The panel is trying to ease difficulties that have risen from shifting to the new tax regime, Revenue Secretary Hasmukh Adhia said.
The Goods and Services Tax Council meeting is under way in Delhi. Finance Minister Arun Jaitley is chairing the 22nd meeting. Authorities are expected to discuss ways to make it easier for small and medium enterprises to file GST returns, News18 reported on Friday.
Earlier in the day, Revenue Secretary Hasmukh Adhia said that the Goods and Services Tax Council is trying to ease difficulties that have risen from shifting to the new tax regime, according to The Indian Express. He said that the problems will be resolved within a year.
“But it’s a great thing for the country in the long run and we should stick to that commitment to GST,” Adhia said.
On Thursday, Bharatiya Janata Party President Amit Shah had cut short his trip in Kerala and returned to New Delhi for a meeting with Prime Minister Narendra Modi and Finance Minister Arun Jaitley, amid speculation of an upcoming announcement from the party.
The Goods and Services Tax Council’s meeting comes just days after Prime Minister Narendra Modi had said that he has asked the council to review the problems traders are facing, and that government was willing to make changes accordingly. He had also said, “During the six years of the previous [Congress-led] government, the GDP was at or below 5.7% eight times.” But the government is making efforts to reverse the trend, Modi had added.
The prime minister’s comments come at a time when the government has been facing criticism from many quarters for the slowdown in economy. India’s Gross Domestic Product growth reached a three-year low of 5.7% in the first quarter of the 2017-’18 financial year. The government’s demonetisation exercise and the implementation of the Goods and Services Tax were blamed for the economic slowdown.