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GST bill gets President's nod; paves way for GST Council
08
Sep '16
President Pranab Mukherjee has signed the Goods and Services Tax (GST) Bill, officially known as The Constitution (122nd Amendment) Bill. This paves the way for setting up of the GST Council. The Council will comprise of Union finance minister and state finance ministers. It will decide on tax rates and revenue threshold levels for traders.

Sharing of administrative control between the Centre and the states will also be decided by the Council.

The government is aiming to implement GST from April 1, 2017. But before that the GST Council needs to resolve important issues, post-which it can table supporting legislations like the Central GST law and the integrated GST law in Parliament, preferably in the upcoming winter session that begins in November.

“We have the months of September and October and parts of November to do that. So there is a lot of work to do and if you are able to successfully transact those issues, then in the winter session of Parliament the central legislations, with some drafts in public domain, will have to be brought in,” finance minister Arun Jaitley said yesterday at an event.

Termed as the biggest tax reform in Independent India, the GST bill aims at replacing all central indirect levies like excise duty, countervailing duty and service tax, as also state taxes such as value added tax, entry tax and luxury tax, by a single tax pan-India.

Analysts’ estimate that the implementation of the GST is will increase the country’s GDP growth by 1.5 to 2 per cent.

The implementation of the GST, however, could pose a challenge as transactions of producers and end consumers have to be linked. Moreover, taxes have to be matched on the IT systems of Centre, states and companies. (RKS)

Fibre2Fashion News Desk – India

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