Many large companies to move Appellate Authority against GST demand notices
In recent days, an increasing number of GST notices have been sent to many companies mainly on account of alleged discrepancy in input tax credit (ITC).
In line with the decision taken at the 14th Goods and Sevices Tax (GST) Council meet held in Srinagar last month, 18 sectoral groups have been constituted for smooth roll-out of new tax regime on 1 July.
“Once GST comes into effect, these 18 sectoral groups representing various sectors of the economy are expected to interact and examine representations received from trade and industry associations/bodies of their respective sectors; highlight specific issues for the smooth transition and prepare sector specific draft guidance,” according to the Finance Ministry.
The 18 sectors that will be represented by these groups include banking, telecom, exports, IT & ITeS, transport and logistics, textiles, MSMEs, oil and gas, gems and jewellery, government services, food processing, e-commerce, big infrastructure, transport and tourism, handicraft, media and entertainment, drugs and pharmaceuticals, and mining.
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For better coordination, senior officers from the Centre and the states will be part of the groups.
The GST Council meeting was held on 18-19 May in Srinagar that was chaired by Union Finance Minister Arun Jaitley. All the finance ministers, finance secretaries and taxation officials of various states and Union Territories had attended the event.
“GST is the most important tax reform since Independence and is going to substantially ease doing of business in India,” Finance Minister Arun Jaitley had said.
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