Finance Minister, Arun Jaitley has said that the trade and industry have had ample time to prepare themselves for GST roll-out about to hit on July 1. “For the last six months, we are saying the rollout date is July 1, so no one can say they are not ready. If he (trader) is still not ready, he will never be ready,” he said.
He further added that the traders would have an additional two-and-a-half months to prepare since the GST Council gave a relaxation for filing of returns in the first two months of implementation of GST.
Moreover, Mr. Jaitley clarified that there could be some short-term challenges in the switch to GST however any disruption was ruled out by him. “I don’t think there will be any impact on growth. This reform step is for improvement. All reforms initially are seen as disruptive…,” he said.
Mr. Jaitley further clarified that GST would help boost revenues over a medium and long-term period, being a more efficient tax system. “Spending capacity of the Centre and States will increase and will have a positive impact on the GDP. The size of the formal economy will grow,” he said.