The minister said the Centre will soon notify a transitional arrangement for goods stocked under higher GST slabs as the new two-slab system takes effect from September 22.
New Delhi
Union Commerce Minister Piyush Goyal on Friday announced that the government will soon notify a transitional arrangement for goods already stocked under higher Goods and Services Tax (GST) slabs, ahead of the switch to a two-slab structure from September 22. The move comes amid uncertainty among dealers on how to manage Input Tax Credit (ITC) for pre-existing stock.
Speaking at a press conference, Goyal assured that the government will ensure the benefits of GST rate reductions are fully passed on to consumers by the industry. He stressed that the reform is a result of year-long consultations between states and the Centre, and not linked to global developments.
This change did not happen overnight. For at least a year, states and the Centre have been working on reforming GST. What is happening with other nations has only been happening for the past one month or so. So, these two are not related, Goyal clarified.
The minister described the GST reforms as a major step towards building an Atmanirbhar Bharat. This is about creating a self-reliant India that cares for 140 crore Indians, united in their resolve to make India a developed and prosperous nation by 2047, he said.
Goyal also expressed confidence in India’s resilience, stating that the country has the strength to withstand any challenge. Meanwhile, the Central Board of Indirect Taxes and Customs (CBIC) is working to ensure its technology systems are ready by September 22 to enable a smooth transition to the new GST framework.