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GST rates to be revised only if they are unjustified: CBEC
Jul '17
Goods and Services Tax (GST) rates will not be revised unless there is an anamoly, or there is a need for correction, or something has left out, the Central Board of Excise and Customs (CBEC) chairperson Vanaja Sarna has said. There is still time for industry to present its wish list, she said at a Confederation of Indian Industry (CII) event in New Delhi.

Speaking in the context of textile traders’ demand of removing five per cent GST on fabrics, Sarna said, “It is an issue that has snowballed but it is not something which cannot be settled... The issue is that textile sector is taxed for the first time. So anybody who comes into the net would feel the pinch.”

Textile trades in Surat, Ahmedabad, Rajkot and other cities called off their strike on Tuesday following an assurance from Union finance minister Arun Jaitley that the GST Council will look into their demands at its next meeting on August 5.

CBEC has received representations from textile traders and is looking into their demands, Sarna said.

She said industry will have issues relating to GST rates, laws and rules and there is still time for industry to present its wish list as July 1 was not the end date. However, she added that, “Unless there is something not fully justified... unless there is an anomaly, I don’t think there is a reason to look at any rates at the moment.”

She explained that the fitment of more than 1,200 goods and 500 services into four tier slabs is like doing five budgets in one.

GST was rolled out pan India from July 1, 2017. (RKS)

Fibre2Fashion News Desk – India

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