Trade News
Inbound/ Domestic News
Outbound News
 
Home Ministry Details

MINISTRY

Wednesday, 01 March, 2017, 13 : 00 PM [IST]

After approval from states GST set to roll out on July 1

As per the IANS report, “the Goods and Services Tax (GST) will be implemented from July 1, 2017, as all states have agreed on the implementation date, Shaktikanta Das, Secretary - Economics Affairs, Government of India said on Tuesday.

"GST should be implemented by July 1. All states have agreed (on the date),” told Das.

The government plans to get the GST Council's approval on iGST (integrated GST), cGST (central GST) and sGST (state GST) drafts at its March 4 to 5 meeting before the second half of the budget session of Parliament begins on March 9.

The draft compensation bill has already been approved in the Council's February 18 meeting. The draft laws passed by the Council will have to be passed by Parliament. Simultaneously, sGST will have to be passed by state legislatures.

The four bills form the enabling laws under the GST constitutional amendment.

Another step remaining is to slot all the commodities under the GST tax slabs: 5 %, 12%, 18% and 28%. Each item has to be fitted under a particular slab. After the March 4 to 5 meeting, GST officers will do the slotting.

 
Post Your commentsPOST YOUR COMMENT
Comments
* Name :      
* Email :    
  Website :  
     
Receive the best of Travel content in your mailbox.
Enter your e-mail ID for our
Weekly e-Newsletter
   
© Copyright 2015 Saffron Synergies Pvt Ltd