No penalty would be imposed for three months if small and medium entrepreneurs failed to submit GST returns.
Coimbatore: Union Minister Nirmala Sitharaman today assured trade and industry that their grievances on GST would be taken up with the government and she would personally recommend having a review three months after its implementation.
Responding to queries about fixing the slab for different trades and industries during an interactive session organised by BJP's Coimbatore district unit here, Sitharaman, who is Minister of State for Commerce and Industry, said there should not be any confusion about GST rates on various products. Industry should come forward to raise their doubts and objections, she added.
The Minister said there would be some teething problems during implementation of the system, which was conceptualised by taking the people into confidence and trust and was also passed by various State Assemblies.
"However, in case if the industries are not 100 per cent satisfied, definitely I will recommend to have a review after three months, as suggested by some organisations," she said.
Assuring that no penalty would be imposed for three months if small and medium entrepreneurs failed to submit GST returns, she said the government was ready to make accessible the system, through chartered accountants and cost accountants Associations of various chambers of commerce at district headquarters.
Later, she clarified that changes in the duty drawback scheme would definitely not affect the export performance since India exports products and not tax. Coir Board Chairman C P Radhakrishnan said that GST would be a boon and the issues raised by industries would be solved one by one in due course.
The country can expect judicial reforms and electoral reforms soon on the lines of tax reforms like GST, Radhakrishnan said.