GST Might Have Flaws, But We Cannot Just Damn It Now: Finance Minister Nirmala Sitharaman

The Logical Indian Crew India

October 14th, 2019 / 6:50 PM

Image Credit: Picxy.com/adsniks, India TV 

Union Finance Minister Nirmala Sitharaman on Friday, October 11, said the Goods and Services Tax (GST) might have flaws but it is the “kanoon (law) of the country”.

“We just can’t damn GST now. It has been passed in Parliament and in all state assemblies. It might have flaws, it might probably give you difficulties but I’m sorry, it’s the ‘kanoon’ of the country now,” FM Sitharaman said, addressing chartered accountants, company secretaries and other stakeholders in the financial sector.

The Finance Minister’s statement was in response to a person who “derided” the GST during an interaction with businessmen, entrepreneurs and Chartered Accountants in Pune. She admitted that GST may have some flaws in its present form and asked tax professionals not to curse it and sought their help to make it better.

“Suddenly we cannot say, what a goddamn structure is this (Goods & Service Tax). I wished from day one that it met with your satisfaction but I am sorry that it did not,” Sitharaman said.

Later, Sitharaman took to Twitter to establish that a participant, BM Sharma, from the audience ridiculed the GST.

BM Sharma, a member of the Cost Accountants Association explained the reason behind his statement. “I said that the objective of GST was to ease of doing business, reduce tax complexities, rationalise 13 taxes, and reduce litigation and corruption. But the same is not being achieved due to several problems and industries and professionals are complaining now,” he said.

As Sharma suggested some solutions, the minister asked him to meet her in Delhi.

Earlier during the presser, when asked about the low GST collections, the minister attributed it to the difficulties due to weather-related disasters and also poor compliance. “Yes, GST collection in some areas has not been strong enough. Various districts in Maharashtra, Karnataka, Himachal, and Uttarakhand were flooded and we had to postpone filing returns from these areas,” FM Sitharaman said.

She also said that the revenue secretary has already formed a committee to identify where the collection has not been adequate. “We have some reports on how in some cases evasion has happened. The committee will look into how this can be plugged and if there has been any under-invoicing,” she said. 


Also Read: “3 Films Made 120 Crore In A Day”: Ravi Shankar Prasad Says No Economic Slowdown


Contributors

Written by : Navya Singh

Edited by : Shweta Kothari

Related Stories

Sitharaman Housing Project

Nirmala Sitharaman Announced Rs 10,000 Cr For Unfinished Housing Projects

Nirmala Sitharaman Blames UPA Govt, Rajan For ‘Worst’ Banking Crisis, Manmohan Singh Hits Back

Nirmala Sitharaman Defends Govt, After Husband’s Advice To Embrace Rao-Manmohan Model To Save Economy

GST Might Have Flaws, But We Cannot Just Damn It Now: Finance Minister Nirmala Sitharaman

Corporate Tax Nirmala Sitharaman

Tax Bonanza For Domestic, News Manufacturing Companies As FM Nirmala Sitharaman Slashes Corporate Tax To 25%

nirmala-sitharaman-millennials

As #BoycottMillennials Trends On Social Media, Nirmala Sitharaman Has Lot To Answer

Latest on The Logical Indian

News

Have Issued Advisories To States, UTs To Check Mob Lynchings: Govt In Parliament

News

ISRO To Launch Cartosat-3, Satellites To Enhance Border Security

Exclusive

Normalcy In Kashmir? 765 People Arrested In Cases Related To Stone-Pelting Since Revocation Of Article 370

Health

Bengaluru Made Anti-Cancer Device Gets ‘Breakthrough’ Tag From USFDA

Exclusive

2,800 Men For 200 Women: Kerala Church Opens Site To Help Widows, Middle-Aged Men Find Life Partners

Fact Check

Fact Check: Are JNU Students Only Protesting Against Hike Of Rs 300 On Hostel Fee From Rs 10?

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.