Finance Minister Nirmala Sitharaman on Wednesday announced the launch of the GST Appellate Tribunal. Speaking on the occasion, the Finance Minister said that it is not just a new institution but a symbol of the growth of GST in the last eight years. She also launched an e-filing portal for GST.
Finance Minister Nirmala Sitharaman on Wednesday announced the launch of the GST Appellate Tribunal. On this occasion, the Finance Minister said that it is not just a new institution, but a symbol of the development of GST in the last eight years. She also launched an e-filing portal for GST. This tribunal has been set up to resolve disputes related to GST. Earlier, these disputes were resolved only at the state level, but now they will be resolved at the central level as well. This means that there will be uniform decisions across the country, which will increase the confidence of taxpayers.
The economy will get a boost…
The Finance Minister said that GST has completely transformed India’s tax system. The concept of “One Nation, One Tax, One Market” has not only simplified taxation but has also strengthened the economy. GST has increased the number of taxpayers and formal businesses. According to a report by CNBC, it has strengthened the foundation of the country’s economic growth. The Finance Minister praised the GST Council, which includes representatives from the central and state governments. He said that the Council has improved the system through continuous dialogue and reforms. He also thanked the state ministers who helped implement the new reforms.
Ease of doing business…
The GST Appellate Tribunal started functioning on September 22. This tribunal will play a key role in speedy resolution of disputes, reducing court arrears and gaining the confidence of taxpayers. The Finance Minister said that this system will increase ease of doing business. Earlier, there were often differences among states on tax rules and decisions, due to which the GST Council had to intervene.
Now, this tribunal will have features like digital filing, virtual hearings and guidance workshops, which will reduce legal hurdles. Referring to the automobile sector, the Finance Minister also highlighted the benefits of GST. He said that the auto sector saw record sales and bookings in the first two days of GST implementation. This is the result of a decade of hard work and good policies that have given a boost to business.
Sitharaman said that GST is not a one-time achievement, but a process that is constantly evolving and improving. This system will become an important part of India’s economic future. The GST Tribunal will resolve tax disputes quickly, making it easier to do business. This is a big step for India’s economy, which will further strengthen the country.
