The Goods and Services Tax (GST) regime is moving from uncertainty towards certainty on some points, Finance Minister Nirmala Sitharaman mentioned on Monday, in search of to assuage world corporations’ issues about ‘tax certainty’ amid a spate of tax demand notices and investigations pursued by income authorities.
“The Constitutional body of the GST Council has actually brought about a great deal of comfort in having a ‘One Nation, One Tax’ principle effectively brought to the ground. Of course it has had teething problems,” she mentioned.
“Some issues from prior to 2017, when GST came into place, are still lingering. Some are with the courts, some are not, and they are getting ironed out,” the FM mentioned, including, “And in the process, because tax authorities are conscious that they do not want to miss out on the due allotted time, notices do go out.” She additional mentioned, “And if there are replies given, they are taken on board. So we are still at a stage where we are on some grounds, moving from uncertainty to certainty, but the uncertainty appears before you because you’ll see the GST already on the ground but some aspects are getting sorted out now.”
Her feedback got here in response to a question from Deloitte India chairperson Shefali Goradia. “What assurance can we give to the international community about the tax certainty and how we propose to implement that in India?,” Ms. Goradia had requested.
