A Talk on GST , By Shri Jayant Sinha

A talk on GST by Shri Jayant Sinha, Minister of State, Civil Aviation At Tip Top Plaza, Thane. 14th July, 2017

 
  • GST call centers for support in every place
  • 8 central and 9 state taxes have been merged into GST. Indirect taxes
  • GST is a destination tax
  • Tax credit chain structure is formed
  • Alignment of invoices, invoice matching will bring about transparency
  • Complete Digitization of Process
  • Comparable to Aadhar meant for individuals
  • Consolidation of supply chain. Will make the system more efficient
  • Optimization of logistics, of manufacturing and warehousing. Reduction in cost structures. Will make the country competitive
  • State check posts have been eliminated. From 10 to 30 % reduction in transport time
  • More than 300 crores invoices per month will be uploaded on the GST system. Big Data. No other comparable data volume in the world.
  • Policy making will improve with all this Big Data available.
  • Fool proof compliance will lead to improvements in tax collection. Tax to GDP ratio is presently 16-17%. China is at 21%.
  • Increase in tax collection will help improve infrastructure, education, Heath care, defence.
  • 21 lac crores is the annual expenditure of Central goverment. Revenue is 15.5 lac crores. Expenses are higher than revenue.
  • With GST fiscal deficit will reduce.
  • Changes in constitutional structure carried out. It is a victory of Indian democracy. It couldn’t have been possible in other federal democracies such as US, Australia, Canada.
  • Similar to political integration that was carried out by Sardar Vallabhbhai Patel. GST has brought about economic integration.
  • Brought about a change in which business is conducted in the country.
Question & Answers
  • Input tax credit needs to be incorporated in the costing
  • Refund on tax credit will be refunded in 7 days, once filings start from September
  • HSN code is a global classification. In case there is a need for correction, HSN mapping will be dynamically updated.
  • Every GSTN account will be rated on compliance.
  • Ministry of finance has prepared an app for HSN code.
  • ICAI has a youtube channel on GST