Issues That Need Attention Before GST Rollout
Business Today|June 18, 2017

There are some issues that need attention before GST rollout.

Dipak Mondal
Issues That Need Attention Before GST Rollout

Even as the rollout date of July 1 for the goods and services tax (GST) is approaching fast, the government is yet to give final touches to some important aspects of the upcoming tax regime without which we are staring at confusion, litigation and losses for businesses. These include providing clarity on certain aspects and fixing of some open-ended laws. We discuss the areas where resolution/greater clarity is needed for smooth roll-out of the new system.

ANTI-PROFITEERING LAW: One of the most contentious provisions of the law says that any reduction in cost of production due to changes in tax rates must be passed on to customers. Industries, businesses and analysts have raised a red flag on possible misuse of this provision.

“If the manufacturer does not pass on the benefit, he may be doing so because the cost of raw materials or labour has gone up. How can the government determine these things, because prices and costs are dynamic and not static?” says M.S. Mani, Senior Director, Indirect Taxes, Deloitte India.

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