The Centre is monitoring the implementation of the Goods and Services Tax (GST) regularly and teething issues are being resolved immediately, Minister of State for Finance Arjun Ram Meghwal said on Saturday. Some technical issues with regard to tax payment have come to light and GST Network (GSTN) was directed to resolve them, he added. Authorities are also keeping a tab on the impact of GST on prices of various commodities.
According to the Minister, a team of 180 officials and 30 Ministers are on the job.
“They are getting feedback from various districts and towns and trying to assess what kind of procedural difficulties businesses are facing.
Procedural issues are sorted out by tax authorities as and when they arise,” he said at an event organised by PHD Chamber here. GST, touted by Prime Minister Narendra Modi as ‘Good and Simple Tax’, was rolled out on July 1.
Mr. Meghwal ruled out instant policy measures to legalise the introduction of crypto currency for security and commodities- related transactions in the Indian context pointing out though that a committee had been set up to examine the pros and cons of the subject.
“The majority public view, however, on introduction of crypto currency in capital and commodities markets transaction is in the “negative” as of now as even Parliament, in the recent past, has been flooded with questions on the issue. The committee set up by the Finance Ministry on the issue though is weighing its consequences,” he said.
On gross domestic product growth, the Minister said manufacturing was hit in June because of destocking in the light of GST implementation from July 1.