Taxation News and Guide

Hopeful of tabling bills on GST in winter session: Naidu

Working overtime to get states on board over the GST following the passage of the Constitution amendment bill in Parliament, the government is keen to bring two bills aimed at implementing the new tax regime in the winter session to meet the April, 2017 deadline for its rollout.

“We are hopeful that both bills (Central GST and Inter-state GST) will be tabled in the winter session. I have already spoken to 15 chief ministers,” Information and Broadcasting Minister M Vankaiah Naidu said.

Though the government has built a political consensus on the reform measure, the process for its rollout is a long one, making many wonder if the Centre will be able to meet the deadline.

The Parliament secretariat is putting in strenuous efforts to compile the process undertaken in both the Houses before they are vetted by the Law Ministry and sent to all the states.

At least 16 states are required to ratify the Constitution amendment bill on GST. It will be then sent to the GST Council which will decide on the new tax rate as well as centre and state taxes that will be subsumed in the new tax regime.

The Council will be constituted after the Constitution amendment bill is notified.

The new tax regime, as approved by the Council, will then come before the Cabinet which will approve the new bills — Central GST (CGST) and Inter-state GST (IGST) — to be tabled in Parliament.

Source: BusinessStandard