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  3. Govt wants to roll out GST on July 1: Arun Jaitley

Govt wants to roll out GST on July 1: Arun Jaitley

24 Mar 2017 Evaluate

In order to meet the deadline of rolling out the country's biggest tax regime from July 1, Union Finance Minister Arun Jaitley has underlined the urgency to pass the GST supporting legislations during the current session of Parliament that ends on April 12. He also pointed out that the Centre and states would otherwise lose their right to collect indirect taxes after September 15.

Jaitley has stated that the government wants to implement GST bill from July 1 this year and aspects like bringing petroleum and land under its ambit will be considered after one year of GST implementation. He also said that four bills supporting the Constitution amendment law on GST enacted last year will be introduced in the Lok Sabha shortly and added that these have to be passed in this session to meet the September 15 deadline for switching over to the new indirect tax regime. He noted that the GST Constitutional Amendment Bill does not provide for extension of the deadline beyond September 15 this year for transition to GST regime. Jaitley also pointed out that if GST is not implemented by September 15, the government’s legal entitlement for collection of taxes will.

For bringing petroleum products and alcohol under the new tax regime, the Finance Minister has said that these will come under GST once the states and the GST Council arrive at a consensus on the rates to be imposed. He also said that these are a part of GST but till all the states, the GST Council agree, they will not start imposing tax on these and till then, the states will continue to impose their own taxes. Talking on the marine areas, he said that there is a dispute over revenue jurisdiction between the Centre and the states, while the seas come under the purview of the central government, the revenues are collected by the states.

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