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).
Union Finance Minister Arun Jaitley on Friday said “most contentious issues” related to the Goods and Services Tax (GST) bill had been sorted and it was in the “final stages of implementation”.
Speaking at the Confederation of Indian Industry (CII) summit in Visakhapatnam, Andhra Pradesh, Jaitley said: “Most contentious issues on GST sorted out, we are at final stages of implementation.”
He further said that demonetisation, coupled with GST, will ensure more revenues to Centre and states and will also expand the size of formal economy.
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Admitting that demonetisation did shook the system for a short while, Jaitley said the note ban “will integrate informal with formal economy in long run.”
Jaitley has already said that July 1 appeared to be a realistic option for implementing GST instead of the earlier targeted rollout date of April 1, 2017 after the differences between the Centre and the state governments on the issue of dual control was resolved.
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