GST to be a reality soon, to be implemented from July 1, 2017; all states on board, says Shaktikanta Das
Goods and Services Tax (GST) will be implemented from July 1, 2017, Economic Affairs Secretary Shaktikanta Das said on Tuesday. Speaking to reporters Das said that GST will be a reality soon as all states were on board. The GST, which will replace a myriad of consumption taxes, could be a “game changer” over the medium term as it would reduce tax cascading and boost India’s competitiveness, investment and job creation. Click to read more
FM Jaitley, economic secy Das stick to July deadline for GST rollout
The finance ministry is sticking to the July deadline for rolling out the goods and services tax (GST) even though the Centre and states are yet to finalise legislations for ushering in the country’s biggest tax reform.
Speaking at the UK-India Business Council meeting in London, finance minister Arun Jaitley said the government hopes to get all GST-related laws passed in March. “The government will try to implement GST from July,” he said. Click to read more
States agree to roll out GST by July: Shaktikanta Das
India’s decade-long wait for a national sales tax that will create one of the world’s biggest single markets could be almost over by July 1. As per economic affairs secretary Shaktikanta Das the Goods and Services Tax (GST) will be implemented by July 1 and not later as feared earlier on.
“GST implementation is a huge one and that is going to be implemented by July 1. Both central and state governments are working on this,” Das said. Click to read more
GST with additional transaction tax will impact e-commerce and trade
The Central government has its task cut out ahead of the Good and Services Tax (GST) rollout, thanks to the pressure from state governments. The states are asking for a one-percent tax on goods shipped from manufacturer through the supply chain until it reaches the retailer.
The states are pressing the Centre, because then they would be able to easily track the origin of the tax payment and keep tabs on the Central government when it compensates each state for the GST rollout. Click to read more
GST represents one tax, one market, one India, says Arvind Subramanian
A few months ahead of the incorporation of the much-awaited Goods and Services Tax (GST), Chief Economic Advisor Arvind Subramanian revealed that internal trade has drastically improved; this being a boon to the country’s progress in the wake of GST.
Addressing a session at the Indian Institute of Management (IIM) in Ahmedabad on Friday, Subramanian presented results of a survey that was conducted in various regions of India analysing tax collection, trade statistics, urban density and the need for a Universal Basic Income. Click to read more