Goods and Service Tax – GST – By: – Bimal jain – Dated:- 4-9-2015 – Even though Parliament s Monsoon Session could not turn into success, the Indian Government did not step-back and has been significantly working towards the success of Goods and Services Tax ( GST ) to be able to meet the April, 2016 deadline. The Government has pressed the pedal on the much needed administrative ground work for rolling out the ambitious Indirect tax reform on time. IT Infrastructure As per the Revenue Minister, the IT Infrastructure for GST implementation is being kept ready, so that as soon as the legislation gets approved, the revenue department will be in a position to take the necessary follow-up actions in terms of ordinary legislations and executive
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three committees, one has already finalised the draft, and the other two are expected to finish by September 15. The Two Verticals Two dedicated verticals are being created to deal with policy and implementation of the new tax regime by the CBEC. As stated by VS Krishnan, a CBEC member, Work is going on full steam…Sub-groups under our officials and that from states are working on the law and procedures… directorate forservice tax will make way for a directorate for GST with two verticals . The said verticals are being set up for performance management and taxpayer services respectively to be able to respond timely to the GST requirements, keeping in mind the Government s resolve of maintaining ease of doing business. The new directorat
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te 2/3 majority in Rajya Sabha where the NDA is in a minority. As per senior Ministers, the Session is expected to be a two and a half day or three day affair. Congress s take on convening the Special Session Even though most of the parties are on board for the GST Bill, Congress wants the tax rate at 18% to be incorporated into the law. The same has been found difficult by the Government to accept as this decision should be left to the GST Council. Also the reduction in Centre s weightage in the council is not agreeable. The Government is trying to rally support and put Congress under pressure by arguing that, it would be in national interest to back the reform to help India avoid a blowback from the Chinese crisis. Source: Compilation fro
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