Government working to roll out GST from April 1, 2017
Setting a target of April 1, 2017 for the rollout of the Goods and Services Tax, the government today unveiled a detailed roadmap for its implementation and said it is aiming for an "optimal" rate of taxation though the final decision will be taken by the GST Council.
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"What we need is an optimal (GST) rate," Finance Minister Arun Jaitley said while addressing a press conference a day after the Rajya Sabha approved the historic Constitution Amendment Bill, paving the way for a complete overhaul of the indirect tax regime in the country.
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Once implemented, the GST will subsume various taxes including excise, services tax, octroi and other levies and the proceeds will be shared between the Centre and states.
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On what would be the GST rate, Jaitley said the GST Council, which will comprise representatives of the Centre and states, will take a view and "draw a balance" taking into account the revenue requirements and the need to keep the tax rates low.
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Talking about the roadmap for the GST rollout, Revenue Secretary Hasmukh Adhia said the government is looking at April 1, 2017 as the target date for implementation.
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"Within the next 30 days, we expect 50 percent of the states -- about 16 -- to approve the Constitution Amendment Bill," he said.
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The Bill, which was cleared by the Rajya Sabha last night, is likely to be approved by the Lok Sabha this week after incorporating changes made by the Upper House.
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Jaitley said the government is working to roll out the GST as "reasonably quick" as possible.
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"It is always good to set a stiff target," Jaitley said when asked about the April 2017 deadline.