"As the nation moves towards "One Nation - One Tax" with the rollout of GST, we as a socially responsible corporate citizen are happy to contribute in educating the business community on the merits and processes of GST. We must be prepared for short term challenges on the GST rollout", Jaitley said.
Revenue Secretary Hashmukh Adhia said a distinction would be made between genuine mistakes in the filing of returns and deliberate attempts to evade taxes.
HDFC Bank Ltd is organising awareness workshops on Goods and Services Tax (GST) across India.
Several ministries, the latest being civil aviation and road transport and highways, have set up GST facilitation cells to handle issues related to the new indirect tax system under their domains. This also means that prices for the Royal Enfield Continental GT, Himalayan, Thunderbird 500, Classic 500 and the Bullet 500 will be increased because of the revision in tax.
He also cautioned that those states not implementing the GST from July 1 could face challenges and problems.
"Anti-profiteering authority has been constituted by making appropriate provisions in the Act itself". The six notifications relating to central GST and two relating to integrated GST (which deals with the inter-state supply of goods and services) will come into force from Thursday.
The web page also enables filing of grievances in relation to implementation of GST, it added. As input credit for these services is not going to be sufficient, the end-user will have to bear the burden of hiked rates.
With the GST introduction, the traditional border check posts would be abolished and the e-way bill would be introduced, he said.
In the first year, the state will gain around 10 per cent by way of increased tax collection as compared to present times, said the economist-turned-politician. The industry body Credai has updated their members about the pros and cons of the new tax regime.