(FE)
Amid growing criticism of the imperfections of India’s goo-ds and services tax and the body blow it apparently dealt to small businesses and the informal sector, finance minister Nirmala Sitharaman on Friday came out in staunch defence of the destination-based consumption tax but hinted at an imminent overhaul of its structure. Since “all of us are party to (its making), let us own it up,” she said here, a day after an official release said a committee of officers would consider “a wide range of (possible) reforms” and suggest within 15 days measures to augment GST collections and improve the relevant administration.
Saying that the criticism of GST is ‘harsh’, the minister said, “It might have its flaws and it might probably give you some difficulties but we can’t just damn it.. I honestly want each one of us to give solutions for better compliance”. Sitharaman was meeting industrial representatives, chartered accountants and cost accountants and entrepreneurs here as part of an outreach programme. On the sharp drop in August GST mop-up, the minister said: “Collections in some areas was not strong enough and it could be because of floods in Maharashtra, Karnataka, Himachal Pradesh and Uttaranchal and postponing of the date of filing of returns for some of the assessees”.
