India's GDP growth may slow down if GST rolled out in hurry: Tax officials to FM

23 Jan 2017 Evaluate

Asserting that demonitisation move has affected country's economic growth, a major central revenue body has asked finance minister Arun Jaitley not to roll-out Goods and Services Tax (GST) in a hurry and threatened to take legal recourse if their worries were not addressed. Tax officials named as ‘illegal’ certain decisions which are taken by finance minister and demanded that they be corrected. It also sought that the officer's body be consulted before any final decision is taken.

The GST council meeting on January 16, had agreed to the demand of coastal states, allowing them to tax economic activity in 12 nautical miles even though constitutionally the Centre has jurisdiction over territorial waters. It was also decided that under the proposed tax regime, 90% of all assessees with a turnover of Rs 1.5 crore or less will be assessed for scrutiny and audit by state authorities, the remaining 10% by the Centre. The All India Association of Group B Central Excise Gazetted Executive Officers has said that the decision to transfer 90% of service tax assessees to states is not supported by any lawful and logical base and therefore, the decisions taken by GST Council should be withdrawn immediately.

Tax officials also added that due to demonitisation of high value currency notes, the India's GDP growth is likely to fall at least 1% that is to 6.6% from 7.6% estimated, as reviewed. It also stressed that in case if GST implementation is delayed further because of judicial scrutiny of the illegal decisions taken by the GST council, the country may suffer economically as the GDP may further slowdown.

It further said the council had not been conferred upon any power by the Constitution to recommend the transfer of rights or allowing levy and collection of IGST (which deals in levy on inter-state supply, including stock transfers of goods or services) to the states. It also said that the area in sea up to 12 nautical miles from the coastline falls within the territory of India. Therefore, the powers to tax transactions in such areas were vested in the Union government. The GST is expected to be implemented from July 1, as against April 1 decided earlier by the government.

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