The Centre still aims to introduce the Goods and Services Tax (GST) bill on its previously targeted date of April 1, 2017, provided the pending issues related to the tax regime are sorted out, said finance minister Arun Jaitley. GST needs to be rolled out by September as some of the Constitutional Amendments passed by Parliament for the bill will expire by then.
The government wants to implement GST in April, but it is a necessity to roll it out on or before September 16, said Jaitley at the Vibrant Gujarat Global Summit that is currently underway in Gandhinagar.
However, the Centre and states are yet to reach a consensus regarding the issue of administrative control over assessees. Also pending is a decision over the issue of compensating the states for the loss of revenue following the implementation of the bill. The finance minister hopes that these issues will be resolved at the GST Council meeting on January 16.
Digitisation and GST will together boost the growth of the country's economy and result in a cleaner GDP as well as the expansion of the formal economy, Jaitley said. The single tax structure of GST in India will make it easier for prospective investors to do business in India and help government to deal with tax evasion, he added. (KD)
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