TaxTMI 
TaxTMI 
TaxTMI 
GST dept coordinating with industry on software upgrade for smooth rollout of new tax structure: CBIC
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....ST dept coordinating with industry on software upgrade for smooth rollout of new tax structure: CBIC<BR>GST<BR>Dated:- 4-9-2025<BR>PTI<BR>New Delhi, Sep 4 (PTI) The GST department is coordinating with the industry for software upgrade to ensure smooth rollout of the new tax structure from September 22, a top tax official said on Thursday. Central Board of Indirect Taxes and Customs (CBIC) Chairma....
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....n Sanjay Kumar Agarwal also said that the industry need not worry about accumulation of input tax credit (ITC) on goods in which tax rates have been reduced, as they can use the accumulated credit to pay taxes. The GST Council, comprising the Centre and states, have approved overhauling the Goods and Services Tax (GST) effective September 22, making it a two slab structure of 5 and 18 per cent an....
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....d a 40 per cent rate on sin and ultra luxury items. Currently, GST is a 4-tier structure of 5, 12, 18 and 28 per cent. Also, a compensation Cess is levied in the range of 1-290 per cent on top of the 28 per cent rate. "A lot of rate changes have happened. A new rate of 40 per cent has been introduced. So, we are confident that the time, which is available to us, about two weeks...we will be full....
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....y prepared for the new levies, new roll outs," Agarwal told PTI in an interview. He said the department has already contacted the industry and given them a heads-up so that they can also upgrade their systems. "They (Industry) can also incorporate their changes, these changes in the ERP systems, so that the entire rollout is very smooth, which will not have any glitches. We are confident about t....
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....hat," Agarwal said. Asked about industry concerns about blocked ITC, Agarwal said the dealers of such goods items will be entitled to claim the full ITC on whatever rate they have paid taxes on inputs. "When they sell the goods or make the supplies, from 22nd September onwards, new rates will apply so they can utilise the ITC, which is available to them for making the duty payment while filing r....
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....eturns," Agarwal said. He said the ITC accumulation will be there, maybe for a very short period, and after that it will be again smooth. Agarwal said that as businesses pay taxes using ITC, there might be some dip in monthly collection. "We see buoyancy picking up in 2-3 months and revenues coming back to their current levels," the CBIC chief said. PTI JD DP CS BAL BAL<BR> News - Press release....
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.... - PIB....