NEWS
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Context
- Sections of the Opposition are critical of the GST and have boycotted the Joint Session of Parliament that formally began the GST regime
- Efficient Implementation of GST will require coming together of all stakeholders
Government’s Assurance
- The government has assured that procedural lapses in the first two months of the new tax regime will not result in penalties.
- However, Confederation of All India Traders has appealed to the government to treat the first nine months of the new tax regime as an interim period during which non-compliance will not result in penalties.
Way ahead
- The Government must treat Confederation of All India Traders’ appeal with generosity.
- The coming months will be a learning experience for all the stakeholders: the government, the opposition and different sectors of the economy.
- Efficient implementation of GST will require coming together of all the stakeholders.
