GST regime is moving towards certainty: FM

Finance Minister Nirmala Sitharaman made an effort to alleviate global firms’ concerns about ‘tax certainty’ under the Goods and Services Tax (GST) regime.

On Monday, she emphasised the progress made by the GST Council‘s Constitutional Body in implementing the ‘One Nation, One Tax‘ principle, admitting that while teething problems existed, efforts were underway to overcome remaining concerns from before the GST’s introduction in 2017.

The Finance Minister noticed that certain pre-GST concerns were still being resolved, with certain cases still pending in court. She reassured that these issues were being worked out, reflecting the government’s commitment to resolving previous concerns.

FM Sitharaman emphasised that tax officials were mindful of meeting deadlines, which resulted in the issuance of notices. She highlighted that the notices were issued as part of the ongoing transition from uncertainty to certainty and that the business replies were being assessed.

The Finance Minister declared openly that the country was in a state of transition. While GST was already operating, various details were still being worked out. This recognition acknowledges the government’s commitment to improving and optimising the GST system.