Large companies disappointed with key GST issues, await clarity

Key areas of concern include anti-profiteering laws, input credit

Large companies are disappointed that many key issues following the rollout of Goods and Service Tax such as anti-profiteering laws, transition credit issues, and denial of certain input credit was not addressed by the GST Council in its meeting yesterday. Large corporates, who pay 90 per cent of the total tax revenues, now hope that their concerns will now be addressed in the next council meeting in November. 

“The government has addressed the immediate concerns of 90 per cent of tax payers who contribute approximately 10 per cent of the tax collection by relaxing the compliance norms. But the concerns of