​​​
  1. Government sticking to April 1, 2017 deadline on GST roll out: Hasmukh Adhia

Government sticking to April 1, 2017 deadline on GST roll out: Hasmukh Adhia

Government is moving ahead of its schedule and is fully geared up to roll out Goods and Services Tax (GST) from April 1 next year, Revenue Secretary Hasmukh Adhia said today.

By: | New Delhi | Updated: September 12, 2016 3:44 PM
The first meeting of the newly constituted GST Council, which will decide on the rates, exemption and threshold, will be held on September 22 and 23, he said while briefing reporters about today’s Cabinet decision. (Source: PTI)

Stating that government is sticking to April 1, 2017 deadline for GST implementation, Revenue Secretary Hasmukh Adhia on Monday said, GST Council which will consist of FM and MoS Revenue & State FMs will be the main decision-making body for GST. “GST Council has been given 2 months to finalise important aspects of GST”, he said. “CBEC Chairman to be a permanent invitee for GST meets, but without voting power”, he further added.

The first meeting of the newly constituted GST Council, which will decide on the rates, exemption and threshold, will be held on September 22 and 23, he said while briefing reporters about today’s Cabinet decision. “As far as the administrative requirement is concerned, we are fully geared up for that. The Government of India is also monitoring IT implementation at the state level. As far as IT preparedness is concerned, we are fully on track,” Adhia said.

ALSO READ: From setting up of GST Council to enhancing buffer stock for pulses: 10 key decisions taken by Cabinet today

WATCH: Cabinet approves formation of GST Council

The industry, however, has been demanding more time to update their IT infrastructure to meet the requirement of the new tax regime. “The demand has not formally come to us. It is for them to decide and represent to the government in case they find it very inconvenient to go with the deadline,” Adhia said. The Cabinet today set up the GST Council after President Pranab Mukherjee gave his assent to the GST Constitutional Amendment Bill last week.

So far, Adhia said “we are ahead of the time schedule. The main thing to be done now is to call as many meetings of the GST Council and try and sort out all the major issues so that we are ready with the draft law completely and the industry can get itself ready”.

 

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Go to Top