Finance Minister Sitharaman Reassures Global Firms Of Certainty in GST Regime

Finance Minister Nirmala Sitharaman assured on Monday that the GST regime is transitioning from ambiguity to clarity on certain matters, addressing global firms’ anxieties regarding ‘tax certainty’ in the face of ongoing tax demand notices and investigations by revenue authorities.

Sitharaman said, “The Constitutional body of the GST Council has actually brought about a great deal of comfort in having a ‘One Nation, One Tax’ principle effectively brought to the ground. Of course it has had teething problems.”

“Some issues from prior to 2017, when GST came into place, are still lingering. Some are with the courts, some are not, and they are getting ironed out,” the FM said, adding, “And in the process, because tax authorities are conscious that they do not want to miss out on the due allotted time, notices do go out.”

She further said, “And if there are replies given, they are taken on board. So we are still at a stage where we are on some grounds, moving from uncertainty to certainty, but the uncertainty appears before you because you’ll see the GST already on the ground but some aspects are getting sorted out now.”