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GST IMPLEMENTATION FROM 1st JULY 2017

 

The Goods and Services Tax(GST) will be implemented from July 1 as all states have agreed on the implementation date, Economic Affairs Secretary Shaktikanta Dassaid on Tuesday, 28th February 2017.

“GSTshould be implemented by July 1. All states have agreed (on the date),” Das told reporters in New Delhi.

The government plans to get the GSTCouncil’s approval on iGST (integrated GST), cGST (central GST) and sGST (state GST) drafts at its March 4-5 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 GSTtax slabs: 5 per cent, 12 per cent, 18 per cent and 28 per cent.

Each item has to be fitted under a particular slab. After the March 4-5 meeting, GST officers will do the slotting.

CA Madhuresh Agrahari

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