Government wants to roll out GST by April 1, 2017: Jaitley

So far the government is following the road map for implementation of GST as per schedule

GN Bureau | September 30, 2016


#GST   #Arun Jaitley   #finance ministry   #VAT  
Arun Jaitley

Finance Minister Arun Jaitley on Friday said that the government is working on a target date of April 1, 2017 for the roll out of the Goods and Services Tax (GST) in the country.

He said that till September 16, 2017, that is one year after the provisions of the Constitution (101st Amendment) Act, 2016 being brought into force, the Constitution empowers the central government to levy excise duty on manufacturing; and service tax on the supply of services. He added that the Act also empowers the state governments to levy sales tax or Value Added Tax (VAT) on the sale of goods till September 16, 2016.

Speaking at a meeting of Parliamentary Consultative Committee attached to the finance ministry, Jaitley said that so far the government is following the road map for implementation of GST as per schedule.

During the meeting, some of the major suggestions include need for absolute clarity and transparency with regard to where taxes will be collected, assessed and where the appeal will be filed in case of GST regime.

The members said that it will be challenging task to tackle complex situation arising-out of implementation of GST law in a federal system. Some of the members suggested there is a need for launching a large scale awareness campaign especially for the small traders as most of them are still unaware about the complex procedures and processes under GST regime including for registration and filing of returns. Some of the members suggested that availability of IT network in all parts of the country, especially in small towns and rural areas, must be ensured as GST system will work only online.
 

Also read.

Comments

 

Other News

I believe we are at crossroads, says deputy governor RBI

  Only a bank that fears losing its deposit base or incurring the wrath of its shareholders is likely to recognise losses in a timely manner. In many of our banks, such market discipline is simply not present at the moment, said RBI deputy governor Viral V Acharya.  

India improving rice variety for flood prone areas

Farmers would no longer have to fret when the surging river water inundates their fields as scientists are working on rice varieties that are hardy and would grow in fields which have been submerged by flash floods. Dr Nitendra Prakash of crop research station at Bahraich, Uttar Pradesh told

At 55.28% BMC sees highest voter turnout in 25 years

Mumbai recorded its highest ever turnout in the civic elections on Tuesday with 55.28% voters exercising their franchise. Voter turnout in R Central ward of Charkop-Borivali was 61.5% followed by 60

A mirage called disinvestment

The government is getting ambitious. It wants to divest some PSU shareholding and raise a staggering Rs 72,500 crore during the 2017-18 fiscal. The mood is upbeat among finance ministry mandarins due to the heartening performance of the exchange traded fund (ETF), a basket of 10 bluechip central public ser

Cash Donations: More opacity with legal backing too

While presenting the budget, the finance minister made an announcement about making donations to political parties more transparent. If the proposals to amend the relevant laws are approved by parliament, from April 2017 donations to political parties can be made in cash only up to Rs 2,000; payments of hi

Is UP headed for a hung assembly?

Is UP headed for a hung assembly?

Video

क्या बागी हो गए हैं वरुण गांधी?
Digital Transformation Summit

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter