Thursday 13th, June 2024
canara news

GST implementation window only from April 1-Sep 16: Jaitley

Published On : 17 Dec 2016


New Delhi, (IANS) Finance Minister Arun Jaitley on Saturday said that the Goods and Services Tax (GST) regime needs to be implemented between April 1 and September 16, 2017, due to constitutional compulsions.

The Council was working towards resolving the deadlock, he said.

"The range of timing when GST has to come into force is between April 1 and September 16, 2017 due to constitutional necessity. Nobody has the luxury of time," Jaitley said in his address at the 89th annual general meeting of Federation of Indian Chambers of Commerce and Industry (Ficci) here.

The Constitution (One Hundred and First Amendment) Act, 2016 was notified on September 16 for GST come into force within a period of one year.

"So on Septmeber 16, 2017, as far as the current mode of taxation is concerned, the curtains will be down and nor the Centre or states can go in for taxation under the current regime," Jaitley added.

"Ideally GST should come into effect from April 1, 2017. The earlier we do it, the better it is to adapt to the new system," he said.

The Finance Minister said that the Central GST, Integrated GST and state compensation matter for revenue losses bills are currently in the process of getting drafted, which needs to be passed by the Parliament.

"The GST council now has to take vital decisions. I don't see any difficulty in getting these bills passed. The only issue is of assessee jurisdiction," he said.

Jaitley said that the crucial issue of dual control or who will exercise control over GST assessees -- the Centre or the states - still needs to be resolved in the Council but assured that each assessee will be assessed only once.

"How this burden is going to be shared between the states and Centre. With the parrallel set-ups in place. It has to lead to federal bureaucry, but it is still a far cry. So it is a small issue and we are trying to resolve it," he added.


 







More News

Sensex, Nifty fall 1% as crude oil prices surge
Sensex, Nifty fall 1% as crude oil prices surge
Aamir Khan calls 'Thugs of Hindostan' role one of his toughest
Aamir Khan calls 'Thugs of Hindostan' role one of his toughest
Fuel prices continue to fall as global crude rates ease
Fuel prices continue to fall as global crude rates ease

Write your Comments

Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. canaranews.com will not be responsible for any defamatory message posted under this article.

Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on CANARANEWS to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using canaranews will be purely at your own risk, and in no way will canaranews.com be held responsible.