GST to be in force from July 1; all states have agreed: Shaktikanta Das
Indirect tax regime that will subsume all other taxes is on path to miss its initial deadline of April 1.
Mumbai: It’s official. The Goods and Services Tax will be implemented from July 1 this year. Economic Affairs Secretary Shaktikanta Das on Tuesday said that all states have agreed on July 1 deadline.
“GST to be implemented by July 1, 2017; all states have agreed,” ET Now quoted Das as sating. The indirect tax regime that will subsume all other taxes is on path to miss its initial deadline of April 1.
Earlier, the all-powerful GST Council at its 10th meet cleared certain provisions of key supporting legislations. The Council will again take up model GST laws at its next meeting on March 4-5 for a final clearance.
Draft bill over compensation to states was approved at the same meeting. The compensation law provides for a formula for revenue sharing between the Centre and the States.
Earlier, the Council headed by Finance Minister Arun Jaitley had stated that in the beginning states will be compensated for five years for loss of revenue due to GST implementation.
Once the Council approves Integrated GST, Central GST, the government will prepare a model GST bill to present it in the later phase of Budget session of Parliament.