GST Is A Locally Balanced Piece Of Legislation: CBIC's Shashank Priya
The goods and services tax (GST) is a very careful locally balanced piece of legislation, which was part of an outcome of very intense and long deliberation of the officers of the state and the centre, followed by stakeholder consultations, said Shashank Priya, Special Secretary and Member-GST, Central Board Of Indirect Taxes and Customs (CBIC).
While speaking at an Assocham event, Priya said, “It does balance the federal framework. We have to recognise the power of tax vests with both the centre and the states. And that's why we have to be mindful, both are equal stakeholders and need to be on board for GST.”
During the summit, he said that the industry has demanded full GST transferability between different states for GSTs having the same PAN. There are also demands that the recipient should not be made responsible for non-deposit of GST by the suppliers.
He mentioned that there have been some constant problems regarding how small taxpayers were not aware of compliance requirements as a result of which many of them could not file their returns in time and input tax credits were taken wrongly.
