TIL Desk/Business/New Delhi/ Finance Minister Arun Jaitley has said people may have to face some difficulty initially as the GST is rolled out but in the long run the new indirect tax regime would help cut tax evasion and check price rise.
He also said the GST Council will look at bringing real estate within the GST net by next year and revisit taxing of petroleum products under the new regime in 1-2 years.
“To begin with, people could face some difficulties because any change over has its own problems. But it will settle down and the country will benefit from the new indirect tax regime,” Jaitley said at an event.
The Goods and Services Tax (GST) will be launched on July 1 and will subsume a host of indirect levies like excise, service tax and VAT.
Wile products like kerosene, naphtha and LPG will be under the ambit of GST, five items — crude oil, natural gas, aviation fuel, diesel and petrol have been excluded from the basket for the initial years.
Jaitley said that while negotiating with the states on GST there were some “tough” issues like petroleum and potable alcohol on which states were unwilling to leave their taxation powers.
