New Delhi: Finance Minister Arun Jaitley today stated that the Indian small business has given enough time to prepare for the July 1 roll out of a new national Goods and Services tax (GST).
While addressing a news conference, Jaitley went on to say: “There would be initial challenges after launching the tax, which will require all but the smallest businesses to file three detailed returns online every month.”
But, with 6.5 million firms already registered for GST and more expected to sign up, there was no excuse for firms not to be ready for what has been billed as the biggest tax reform in India’s 70-year history.
Talking to the media, Finance Minister stated: “We have been saying for the last six months it would be July 1 – nobody has any business not to be ready. If he’s still not ready, then I’m afraid he does not want to be ready.”