1st February 2017: Finance Minister (FM) Mr. Arun Jaitley today in his 4th Annual Budget speech unfolded the progress made in the area of GST so far. Being the biggest tax reform since Independence, he assured that the preparatory work form the path breaking reform has been the top priority for the Government.

The key takeaways from the FM’s speech with respect to GST has been summarised below:

• Several team members both at Central and State level of Central Board of Excise and Customs has been working in close proximity with each other to give finishing touches to the Model GST Law and the associated rules and other necessary details.

 

• The Central Government has left no stones unturned to give effect to various provisions of the Constitution Amendment including constitution of GST Council.

 

• The GST Council which had met 9 times till date. The GST Council has finalised almost all issues such as broad contours of GST rate, threshold and exemption limits. Also through continuous spirited debate and discussions, the GST council have almost reached to agreement in areas such as finalising the parameters and details for compensation to be made to states due to implementation of GST, examination of the draft Model GST Law, draft IGST Law and the administrative mechanism for the GST.

 

• The IT System and Infrastructure required for successful roll-out and implementation is also on right schedule.

 

• An extensive reach out effort to various sectors of Trade & Industry will be starting from 1st April 2017 to create awareness about the GST system.

 

• No compromise will be made towards the spirit of co-operative federalism and Central Government will continue to strive to achieve the goal of implementing GST on the prescribed schedule.

 

• More tax will be brought in the treasury of Central and State Government due to widening of the tax net.

 

• Not many changes have been made in the current regime of Excise and Service Tax as they would be replaced by GST in due course of time.

 

Thus the FM in his speech in respect of GST has proved that the present government is keeping its all arsenal ready and will be going all out in successful implementation of GST.

 

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