Skip to main content

Government looking at mid 2016 rollout of GST

By
The government on Thursday indicated that it was reworking the goods and services tax ( GST) rollout deadline to October 1, 2016, and might advance the winter session of Parliament to achieve this objective.
A day after the government dropped plans to call an extended monsoon session of Parliament to pass the GST Constitution amendment, NITI Aayog ViceChairman Arvind Panagariya told abusiness news channel that he was still hopeful of the GST rollout by middle of the financial year of 2016- 17, that is by October 1, if not the proposed deadline of April 1, 2016.
On whether the April deadline can still be achieved, Panagariya said: “ In politics you can never say anything is over. Things can change, turn around. I would not rule out that as a possibility,” Panagariya said. He, however, added: “ On the other hand, if it delays… it’s okay. It is a process. It started 10 years ago. If not in April, may be six months later it can be rolled out,” he said.
Parliamentary Affairs Minister MVenkaiah Naidu also doled out hope that the winter session of Parliament could be advanced to immediately after the Bihar polls to pass the key tax reform. The minister said he was disappointed at the “ negative politics” of the Congress and that the government couldn’t call the special session. “ Still there is scope. Once the Bihar elections are over, we can make one more effort. We have the winter session. It can be advanced. We can still meet the deadline,” Naidu said.
The October 1, 2016 deadline has been on the government radar ever since it became clear that the Congress will not allow the GST Constitution amendment to be passed in the monsoon session.
At least half the states need to ratify a Constitution amendment after it is passed by Parliament. A mid- 2016 deadline will the government at least until the Budget session, that concludes in May, to ensure passage of other GST related Bills both by Parliament as well as state assemblies.
Business Standard, New Delhi, 11th Sept. 2015

Comments

Post a Comment

Popular posts from this blog

Data storage norm splits digital payments industry

By
Data storage norm splits digital payments industry  India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move.  In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.  “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week.  RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
18 comments
Read more

Offer’s for all of you

By
Great Bumper Dhamaka Offer’s for all of you... It's Time to see your Business Online, WebeCreator Offer Website Designing with domain & Email @ nominal charges. For a year For More information visit us http://goo.gl/KlpppF call on 9890151261/9773197533  drop a mail to sales@webecreator.com
Post a Comment
Read more

Sebi to finalise options in commodities today

By
The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...
17 comments
Read more