Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 30-12-2016 Last Replied Date:- 2-1-2017 – Now that it is almost clear that GST may not catch up the 1st April 2017 date owing to various reasons and the type and size of tax reform it is, one thing is for sure. GST is a certainty and it will come latest by 16th September, 2017. Exact date can not be speculated at this moment. However, 1st July seems to be logical. GST Council Meetings The 7th meeting of the GST Council was held for 2 days on 22-23 December, 2016 at New Delhi. The main agenda was to vet / approve the remaining provisions (after section 99) of revised model GST law and IGST law and iron out the differences between Centre and States on dual control of tax payer
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e by clause discussion. The draft Bills for integrated GST and compensation as well as administrative control over businesses are being taken up for discussion today. The next GST Council meeting is likely to be held on January 3-4, 2017. But, this still does not pave the way for GST w.e.f. April, 2017. MOF will have to clear that Budget would include Central Excise and Service Tax amendments or not. If no, it would indicate that it is still gambling with a half baked GST from April, 2017. If yes, GST would be postponed. But Government should clear the air at the earliest as Union Budget and State Budgets are also to be firmed up. If GST is being delayed, then there have to be budgetary provisions and changes, tax estimates and necessary am
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on of details of GST rates (being worked upon by Committee of officers) Administration of IGST Date of 'implementation (April 2017 or beyond) What next All clearances from GSTC Legal vetting of legislations and final stamp of GSTC Deciding on administrative issues Respective legislations to be taken up by Parliament and State Assemblies Common date for enforcement of GST in India The next (8th) meeting of GSTC shall be held on 3-4 January, 2017. With still so much is left to be done by GSTC and after that by law framers (Parliament and State Assembles), it looks like a virtual impossibility to have GST from April, 2016. If it is being claimed so, we are becoming April fool before time. Even the FM has started saying that he is no rigid
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