people may have some difficulty initially during GST: Jaitley

Vastavam web: Finance Minister Arun Jaitley today 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.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.”If we insisted on that, then the deal would have been broken. The Constitution amendment provides that petroleum products can be taxed under GST as and when GST Council decides. And once GST is implemented, in 1-2 years once again the Council will get opportunity to revisit it,” he said.Jaitley said he personally was in favour of a proposal mooted by Delhi Deputy Chief Minister Manish Sisodia to bring real estate under GST, but few other states were not in favor.