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.
We have been saying for the last six months it would be 1 July – nobody has any business not to be ready. If he’s still not ready, then I’m afraid he does not want to be ready... Industry and trade have to prepare themselves. It’s not a complicated process.Arun Jaitley, Finance Minister
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.
Consequently, it should have a positive impact on the GDP. The size of the formal economy should also increase.Arun Jaitley, Finance Minister
(With inputs from Reuters.)
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