Economy

Will oppose E-way bill at GST council meet: Parrikar

Will oppose E-way bill at GST council meet: Parrikar

Transition to the Goods and Services Tax (GST) regime will significantly affect companies with weak credit profiles, especially small units, due to lingering short-term liquidity mismatch arising from the delayed input credit refunds, says a report.

According to the ministers, there are 48 issues that require resolution.

Exporters can expect to receive some good news after the GST Council meeting scheduled tomorrow.

For engineering, procurement, and construction contracts, GST rates at 6-11 per cent are higher than the earlier regime, which can increase project cost, if contractors' compliance infrastructure is not robust enough to enable them to use input credit.

At the time of the first deadline for filing of July returns approached, the GSTN, the information technology (IT) backbone and portal for real-time taxpayer registration, migration and tax return filing under the GST had been facing downtime which forced the government to extend the last date.

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The micro, small and medium enterprises (MSMEs) are the worst hit as they lack compliance infrastructure to map the entire outstanding inventory with tax invoices, it noted. He also said that the IT system developed by Infosys Ltd for the GST network was standing up to the filing pressures on it and that this was evident in returns filed for August.

It said that the "teething problems" linked to the Goods and Services Tax (GST) and bandwidth constraints may get resolved "relatively soon", allowing growth to accelerate in the second half. The revamped GSTN, which can handle 80,000 returns in an hour, will be enhanced to process 130,000 returns per hour by this month-end, he added.

Besides Modi, other GoM members are Chhattisgarh Minister for Commercial Taxes Amar Agarwal, Karnataka Agriculture Minister Krishna Byre Gowda, Kerala Finance Minister T.M. Thomas Isaac and Telangana Finance Minister Etela Rajender. It is possible that the council will issue some statements regarding the tax slabs. This will be the 22nd meeting of the GST Council.

He said with this, the department would meet its targeted GST collection of RM42bil for this year as part of its Key Performance Index. Telangana was upset with the meagre release to the state as it has been used to getting around Rs 3,200 crore as tax income every month.


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