Praising the progress achieved so far on Goods and Services Tax (GST) implementation, Finance Minister Arun Jaitley has expressed his confidence that it is ‘reasonably possible’ to meet the April 1, 2017 deadline to roll out the new indirect tax regime as state finance ministers cooperate to make the single tax reform a reality soon. He said that 'There has hardly been an opportunity, in fact there has been none, where I've seen state finance ministers dividing themselves on party lines (as on GST). If this trend goes on, I am quite certain, it may be reasonably possible for us to meet the deadline, however difficult it may be.'
Pointing that states have realized the importance of competitiveness and attracting investments, Finance Minister said that getting the GST through was ‘troublesome’ as it involved completely changing the powers of the Union and the states. It required consensus building so that they had shared sovereignty. He added that the GST progress showed that they have the stamina for reforms.
Now the government is planning to introduce CGST and IGST in the winter session beginning later November. GST, which is considered as the biggest tax reform since the Independence, will include excise and service tax, and various other local levies including VAT and octroi.
