advertisement
Finance Minister Arun Jaitley said, on 20 June, that no one should be unprepared for the rollout of the Goods and Services Tax (GST) on 1 July.
Jaitley further emphasised that there would be no delays in the rollout.
Jaitley accepted they would have to overcome initial challenges following the rollout. However they would only require the smallest businesses to file their returns online thrice a month, reported Reuters.
Jaitley further said that with completed registration for GST by nearly 6.5 million firms, there can be no excuse for them to not be prepared. More firms are expected to register. The bill has taken a decade to finally get passed and is being seen as the biggest tax reform in Indian since Independence.
Despite having have to deal with “some challenges” in the short term, he seemed optimistic for the long run.
(With inputs from Reuters.)
(This admission season, The Quint got experts from CollegeDekho.com on board to answer all your college-related queries. Send us your questions at eduqueries@thequint.com)
(At The Quint, we question everything. Play an active role in shaping our journalism by becoming a member today.)