GST to benefit honest taxpayers, says India's revenue secretary

Only hours before India ushers inthe Goods and Services Tax (GST), slated to be rolled out at midnight tonight, Revenue Secretary Hasmukh Adhia on Friday claimed that no one should worryover its implementation asthe tax reform will benefit the honest taxpayers, ANI reports.

"People should not believe in any misinformation, its transparent process. Honest taxpayers will benefit. Nothing to worry on GST implementation, don't need big IT infrastructure. Even B2B [business to business]don't need big software. We will give free software," said Adhia.

In a different ANI report, the Trinamool Congress said it believes that India isn't currently ready for it now, and thought it needs to be pushed back. This comes despite them being in favour of the GST, including it in their manifesto.

Add WION as a Preferred Source

ANI reports that "it is being said thatessential commodities and luxury goods will be taxed separately", but their report doesn't specifiywho is saying that.

ANI further says the GST is "said to be" beneficial for consumers, as it will bring diminish the price of goods and curb inflation, while also reducing delays in tax payments and ensuring more stringent checks.

Revenue Secretary Adhia further said that the people willhave to file a return every thrree months. It had apparently been suggested that three filings a monthwould be required.

"There are misconceptions about return, it is being said that one has to file three returns in a month. But the truth is that only one return has to be filed in a month. There are three parts to it, one part has to be filled, the other two parts will be computer generated," said Adhia.

"Composite dealer don't have to file return every month, they have to file return once after three months, where they have to provide the detail of their total turnover," he added.

GST will bring the Indian economy under a single tax bracket. Six slabs of taxation have been proposed by the council, ranging from zero per cent to 43 per cent.