GST roll-out by July?
The much anticipated Good and Services Tax (GST) could rollout by July 01, 2017. Economic affairs secretary Shaktikanta Das is known to have said that GST will be implemented by the said date, and not later than that as was previously thought. According to Das, both the central and state governments are working in the direction of rolling out GST by July 01, 2017. Many state governments had opposed proposals under GST for economic and political reasons. It was some time ago that the news about GST Council approving law for compensating states’ revenue loss broke cover. GST will replace the entire gamut of taxes like the cascading central, state, inter-state and local taxes with a single, nationwide, valueadded tax on goods and services.