Cargo Talk

Two panels set up for GST roll out

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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.

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