Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Politics / Policy/  Arun Jaitley reiterates 1 April deadline for GST roll-out
BackBack

Arun Jaitley reiterates 1 April deadline for GST roll-out

Jaitley said the GST regime will lead to a seamless and hassle-free transfer of goods and services in the country

A file photo of Union finance minister Arun Jaitley. Photo: MintPremium
A file photo of Union finance minister Arun Jaitley. Photo: Mint

Ahmedabad: Union finance minister Arun Jaitley on Wednesday reiterated the resolve to stick with the 1 April deadline for rolling out the goods and services tax (GST).

Jaitley, who was speaking on the sidelines of the eighth edition of Vibrant Gujarat summit in Gandhinagar, told reporters that while the constitutional deadline of GST implementation is 16 September, the government is taking all necessary steps to implement it on 1 April, the self-implemented deadline for the new tax regime.

While the government had planned to roll out GST, which will subsume excise and service tax and other local levies, from 1 April 2017, the constitutional amendment makes it mandatory to roll out the new indirect tax regime by 16 September 2017.

A broad consensus is yet to be reached on GST as the GST Council hasn’t been able to resolve certain issues so far.

Speaking at a seminar on ‘GST—a game changer for Indian economy’ on Wednesday at the Mahatma Gandhi venue, where the Vibrant Gujarat summit is being held, the finance minister said the “one nation one tax regime" will lead to a seamless and hassle-free transfer of goods and services in the country.

“Implementation of the goods and services tax will improve and expand India’s economy," he said, adding that while agreements have been reached on most details of the GST, some critical issues are still to be ironed out.

“Over the next few weeks we will try and resolve these issues," he added.

“The country needs bold decisions to reform the economy. India has become aspirational," he said, adding that the country had undergone a huge change in the past two years.

Advocating the need for a cashless economy, he said that excessive paper currency has its own vices. “It has its own temptations and we have seen it in India," he said.

Talking about demonetisation, the finance minister said that there would be an impact over the course of time. “Difficult decisions initially pass through difficult phases. Historic decisions have temporary pain attached to them," Jaitley said, adding that “after transient impact, demonetisation will lead to cleaner and larger GDP".

Revenue secretary Hasmukh Adhia said in his speech at the Vibrant Gujarat seminar said that the GST will usher in a very simple and less burdensome taxation regime as it will be a single rate indirect tax which can be paid by debit/credit cards, cheques and NEFT.

He said it will make it easier for traders and industry to access input tax credit and also ease compliance burden as the entire country will become a single market.

Adhia said that the government is working overtime to make GST a reality as early as possible. “Our target date is April 1, 2017, and we will see to it that we try our best to bring it to people," he said.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Politics News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 11 Jan 2017, 01:24 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App