Don’t believe rumours, GST rollout on July 1, says Revenue Secretary Hasmukh Adhia

BENGALURU: The Centre has decided to rollout GST from July 1, Revenue Secretary Hasmukh Adhia said in Bengaluru on Tuesday with an appeal to members of trade and commerce not to go by rumours about postponement.

At an interaction with industry bodies, Adhia said people had been spreading rumours that GST rollout will be postponed by two months. He asked the industry bodies not to go by these reports, and said the government was fully prepared to implement the landmark tax reform.

India has the potential to grow its GDP at 15%, and the GST rollout can make it happen, he said. Two US economists in their study of the impact of GST on India said the reforms will lead to an increase in GDP growth rate by 4%.

In response to issues many members raised before, the Revenue Secretary said, “we have to find solution to problems rather than halting the whole process.” Going forward, he said, there is scope for rationalising tax rates.

In reference to a specific issue, Adhia said there will be no GST on core banking services like deposits and loans, but other services will attract the tax.