Finance Minister Arun Jaitley, on Saturday, confirmed the news regarding new norms and regulations of tax as Goods and Service Tax Bill is most likely to be implied between April and September 2017. The prolonged hue and cry carried out by party members referring it to as a burden to the nation, rollout target slipped from announcements has been ruled out from April 1, 2017, thus varying until September 16, 2017. The implementation of the GST Bill is in accordance with constitutional amendment legislation which levies the tax at national sales level hence sidelining central and state regulations.
Earlier in talks with all the opposite party members as well as ruling party State presidents, the Council Board have resolved 10 issues till date eventually pertaining just one matter pending in the administrative chair. Termed as the transactional tax rather than income tax, Goods and Service Tax can be started off at any time of the year, unlike fiscal year taxes and bring a new taxation system to the society.
During an event held in Annual General Meeting of Federation of Indian Chambers of Commerce & Industry (FICCI), Mr Arun Jaitley announced that India had full potential to make its own decisions as it has now a complete monetary policy with a statutory body instead of one person. A big leap regarding the policies from the past is one of the biggest achievements and to embark it, rationalising subsidy would be a big step towards better India.
Perhaps passing the landmark decision in the context of a constitutional amendment in August and rest of the State bodies agreeing to it by September end this year, several prime problems have been sorted out. Though certain hurdle is yet to be retained, but the momentum is quite clear. As of now, three major and some minor taxes will be merged into one wherein central taxes and state taxes will be included altogether.
So, with heaviest of decisions yet to be taken and rolled out, one thing’s certain, GST Bill will be implied by April-September 2017.