Guidance notes on GST will be released soon: Arun Jaitley

Guidance notes on GST will be released in public domain soon. Union Finance Minister Arun Jaitley assured this on Friday in Lok Sabha.

Jaitely said, "The Goods and Services Tax (GST) Council has received reports from sixteen out of the eighteen sectoral groups as approved by the council in its 14th meeting held in May this year; based on the inputs received, the GST Law Committee comprising of officers of the Central and State Governments have drafted guidance notes which will be released in public domain."

In a written reply to a question in Lok Sabha, Jaitley said that each sectoral group has obtained feedback from the trade and industry and also held meetings with the various stakeholders and various Joint Secretary level nodal officers from various ministries.

Based on the evaluation received, the sectoral groups have prepared their reports on the basis of which, the Law Committee has finalized Frequently Asked Questions (FAQs) on eight sectors; these FAQs have been released in public domain.

The eighteen sectoral groups are banking, financial and insurance sector, telecommunication, exports including EOUs and SEZs, IT/ITES, transport and logistics, textiles and footwear, MSMEs, including job work, oil and gas, gems and jewellery, services received and provided by the Government, food processing sector, E-commerce, big infrastructure, travel and tourism, handicrafts (exports), media and entertainment, drugs, pharmaceuticals and Mining.

The GST is believed to be the biggest economic reform since independence and it has been implemented with the aim of introducing the economy to 'one nation, one tax' structure.