Source: News Bharati English16 Jul 2017 16:50:06

New Delhi, July 16: Union Finance Minister Arun Jaitley speaking about GST said that it's a ‘very simple tax’, but with several misunderstandings being created on the new taxation system.

“GST is a very simple tax and those who follow the law will not be called to the office for assessment. For them, everything, including the return and the assessment orders will be made online,” the Finance Minister said.

But, the minister made it clear that who tried to be over clever and tried to circumvent the law will face the music.

The union minister was addressing a rally after laying foundation stone for new office of the BJP near Gill road grain market yesterday.

Just as strong rumours and misconceptions were spread when mobile phones were introduced in the market, several misunderstandings are being created about the GST, he added.

He further said Jammu and Kashmir has also accepted the GST in the financial interests of the state.

GST seeks to subsume all central indirect levies like excise duty, countervailing duty and service tax and also state taxes such as value added tax, entry tax and luxury tax, to create a single, pan-India market.

Notably, Services like religious pilgrimage, healthcare, education, skill development and journalistic activities will remain tax-free under the GST regime. Crude oil, petrol, diesel, aviation turbine fuel (ATF) and natural gas are also being kept out of GST net.