Assessee will benefit as there is no cascading tax: Finance Minister

Jaitley said he hopes to resolve the issue of dual control of tax payers at the next meeting of the GST Council on January 16. “We would want it to be implemented from April if all issues are resolved. But implementing before September 16 is a necessity,” he said. 

The FM said the digitisation, together with GST will lead to expansion of formal economy and boost growth. “The two steps together will lead to a larger economy and a cleaner GDP. I am hopeful that we will see the two this year,” he said. Jaitley said GST council is a body where there is deliberative democracy in action. 

“It is India’s first federal taxation body where all these are now being worked out.” It took a considerable amount of effort to build consensus to pass the GST constitutional amendment, he said.  

“It is advantageous to the assessee as there is no cascading of tax. His goods can move around, he gets the benefit of input credit and it’s good for states as it eventually leads to larger revenues and it’s good for thse economy as a whole,” Jaitley added.