Terming the Goods and Services Tax (GST) as a more efficient tax structure, Finance Minister Arun Jaitley has said that the new taxation regime will make tax collection efficient, check evasion and will also help India evolve as a more tax-compliant society. He further added that GST is a product of federal India and it would require coordination between taxation authority of the Centre and the states. In view of this, tax training academies like National Academy of Customs, Indirect Taxes and Narcotics (Nacin) will play a major role in training officials.
Jaitley noting that GST would promote single interface of taxation authorities instead of multiple interfaces, said that it will eliminate interaction between assessing authority & taxpayer and this could minimise harassment and bring greater accountability into the system. The finance minister also said that merger of various indirect taxes in one price is itself a monumental taxation change, pointing that it will require personnel to upgrade their skills and knowledge.
Finance Minister further said the GST would be India’s first federal product (policy). Also, the GST Council would be the first federal institute where the Centre and the states decide policies in co-ordination. The GST is slated for a July 1 roll-out and the GST Council had finalised rates of several goods and services in four slabs which are 5 per cent, 12 per cent, 18 per cent and 28 per cent.