Finmin seeks industry views on GST provisions

The union finance ministry has asked for views of Indian industry on provisions in the Goods and Services Tax (GST) regarding place of supply (PoS) rules in five sectors, including ecommerce and banking.

Speaking to the reporters, a finance ministry official said that industry associations have been asked to give their views on the transitional provisions and core exemptions to ensure smooth implementation of GST. It had earlier said that to engage with stakeholders and invite public comments on GST issues, draft business processes on GST registration, refunds and payments have been uploaded on the web and comments are invited through the Mygov.in platform.

On the other hand, the Confederation of All India Traders (CAIT) has appealed to Finance Minister Arun Jaitley to withdraw the proposed additional tax. “Levy of one percent additional tax on inter-state trade will certainly lead to distortion in GST and will have cascading effect,” CAIT President B. C. Bhartia and Secretary General Praveen Khandelwal said in a joint statement.