Two panels set up for GST roll out
The Government is moving in full swing to the implement the Goods and Services Tax (GST) on the stipulated date of April 1, 2016. Minister of Finance Arun Jaitley has constituted two panels. One of them is to be spearheaded by the Chief Economic Advisor and would look into the IT preparedness and suggest tax rates commensurate with the current level of tax collection in states and centre.
The two panels have also been entrusted with the task to gauge the impact the GST would have on various industry sectors and states. They will be reviewing the report submitted by the states. They would also monitor the consultations underway with various stakeholders from industry and trade community.
State governments have been asked to gear up with the requisite back-end IT infrastructure needed for audit and assessment.