Decks have now been cleared for the implementation of the goods and service tax (GST). Economic Affairs Secretary Shaktikanta Das on Tuesday said that the GST will be rolled out from July 1 as all the states have agreed on its implementation.
"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.
After the Last GST Council meet on February 18, various proposals under GST were opposed by many state governments, saying it cannot be implemented by July 1.
The deadline for implementation of GST was earlier set on April 1. But Finance Minister Arun Jaitley had admitted in the ninth meet of the GST Council that was held in January that the "realistic date" for GST will be July 1.
The law for compensating states for loss of revenue from GST bill implementation was cleared by Jaitley in the last meeting.
Jaitley had commented, "The GST Council clears law for compensating states for loss of revenue from GST implementation." For the next meeting, Jaitley said, "The GST council to approve laws like Central Goods and Service Tax (C-GST), Integrated Goods and Service Tax (I-GST) and State Goods and Service Tax (S-GST)."
Jaitely added, "It is essential that enabling laws for GST are passed in second half of Budget Session to ensure its rollout from July 1."
Talking on different tax slabs, Jaitley said, "One major meeting of GST Council will be required to give approval to putting goods and services in different tax slabs."