The government expects the Goods and Services Tax Bill to be passed in the monsoon session of Parliament which begins next month and is targeting rolling out GST in April 2017.
"If we can pass it in the monsoon session (of Parliament beginning next month), then we can implement it in April 1, 2017," Minister of State for Finance Jayant Sinha told PTI.The government expects the Goods and Services Tax Bill to be passed in the monsoon session of Parliament which begins next month and is targeting rolling out GST in April 2017. "If we can pass it in the monsoon session (of Parliament beginning next month), then we can implement it in April 1, 2017," Minister of State for Finance Jayant Sinha told...#
GST was earlier planned to be introduced from April 1 this year, converting 29 states into a single market through the new indirect tax regime, but the deadline was missed as the bill to roll it out remains stalled in the opposition- dominated Rajya Sabha.
The GST bill -- which will help create a single national sales tax to replace several state and central levies -- has already been approved by the Lok Sabha. Sinha said the government has enough backing from smaller regional parties to pass the Bill in Rajya Sabha without support from the main opposition Congress party.
Once Parliament approves the constitutional amendment to allow GST, it needs to be ratified by more than half of states. Then Parliament must pass another bill to implement the GST, Sinha said.
After the Constitution Amendment Bill is passed in Parliament, there are three more legislations - Central GST (CGST), State GST (SGST) and Integrated GST (IGST) - which are required to be passed.
"Of course, there is a complicated legislative calendar that we have to work through. Then there are implementation issues which are working, but we feel that we can get all of that done in time," he said. (SH)
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