Home / Knowledge / News / Textiles / GST roll-out may miss April 1 deadline
GST roll-out may miss April 1 deadline
12
Dec '16
The Goods and Services Tax (GST) Council, headed by Union finance minister Arun Jaitley, at its meeting on Sunday, was unable to arrive at a consensus on the issue of dual control of assessees. This means that the roll-out of GST may be delayed beyond the April 1, 2017, deadline.  The GST Council has all finance ministers of all states as its members.
 
The Council will now meet again on December 22-23. Once the Council arrives at a consensus on all issues, it would need to prepare three draft legislations—the Central GST, the Inter-state GST and the Compensation Law.  All the three legislations will then need to be passed by the Parliament. Though Parliament would meet for the 2017 budget session in the last week of January, the time frame would be too close for GST implementation by April 1.
 
“The Budget session starts in January… We do not have the luxury of time to have any discretion. By September 16, 2017 the curtains will draw on the old taxation rules,” said Jaitley after the Council meeting.
 
“We are not looking at April 1. That's out of the picture now but GST will be implemented by September next year,” Kerala finance minister Thomas Isaac told reporters after the meeting.  Since the Constitutional amendment bill for GST was notified on September 16, 2016, the new taxation regime has to be in place within 12 months from that date, effectively setting September 16, 2017 as Constitutional deadline for GST implementation.
 
On the same lines, Jaitley said, “Our target is April 1 and we stand by it. We do not have the luxury of time, as April 1 is the first possible day when GST can be implemented and the last possible day is September 16, 2017. So, the discretion for the rollout is only five months and 16 days.” 
 
Meanwhile, some states have informed the Centre that they are not in a position to handle two big financial reforms—demonetisation and GST—at the same time. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

UK international trade secretary Liz Truss (left) and Japan’s foreign minister Motegi Toshimitsu signing the UK–Japan CEPA. Pic: Gov.UK

Textiles | On 23rd Oct 2020

UK, Japan sign economic partnership agreement

The UK and Japan today officially signed the Comprehensive Economic...

Pic: Shutterstock

Textiles | On 23rd Oct 2020

Design EPRs to back circularity in textile sector: EURATEX

Extended producer responsibility (EPR), which aims at ensuring...

Pic: Shutterstock

Retail | On 23rd Oct 2020

ABG & AR Holdings to grow Forever 21 in Latin America

Authentic Brands Group (ABG) and AR Holdings, a leading retail...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Textile industry, Head honchos

Textile industry
Head honchos

Quality should be the #1 priority

C. Dhandayuthapani, Mag Solvics Pvt. Ltd

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Milva Morani,

Milva Morani

Brighi Technologies began in 1970 with trading and repairing sewing...

Deepprakash Agrawal,

Deepprakash Agrawal

Radhey Weaves is a Surat-based manufacturer of brocade fabrics. MD...

Paolo Crespi,

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Tiasha Renganathan, Twinery Innovations by MAS

Tiasha Renganathan
Twinery Innovations by MAS

Twinery-Innovations by MAS is the innovation arm of Sri Lankan company MAS ...

Larry L Kinn, Suominen Corporation

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Robin Grankvist, OrganoClick AB

Robin Grankvist
OrganoClick AB

Robin Grankvist talks about PFCs, additives and various chemicals used in...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

<span style="font-size: 12px;">Designer Suman Nathwani talks about her...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search