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  3. India on track to roll out GST from July 1, 2017: Finance Minister

India on track to roll out GST from July 1, 2017: Finance Minister

09 May 2017 Evaluate

Expressing optimism that roll out of Goods and Services Tax (GST) will not lead to any significant increase in prices of goods; the Finance Minister Arun Jaitley has said that India is on track to roll out the simplified indirect tax regime from July 1, 2017. He also said that tax rates on goods may go down marginally under the new indirect tax regime, while services may see some increase.

Jaitley said ‘the current indirect tax structure in India is fairly complicated…those who transacted in either goods or services would have to deal with multiple authorities. The whole country was divided into multiple markets. So a free movement of goods and services was not possible. Now, the idea of GST was that let there be just one tax in the country’. He further said that the GST will not have an inflationary impact since the tax on goods may actually reduce. Terming the current indirect tax structure in India as fairly complicated, he assured there would be no cascading impact of tax on tax.

Finance Minister said that the constitutional amendment gives time till September 15 for introduction of GST but the target date has been kept at July 1. He also said that a simple IT network has been put in place and there are no multiple forms for filing tax returns. He added that GST would be a transformational system and there could be some small hiccups in the beginning but he think it’s understandable, they will be able to get over that. He also said that GST with a far more efficient system will increase trade, tax collection and improve ease of doing business.

Meanwhile, the GST council, chaired by finance minister and comprising representatives of all states, is scheduled to meet on May 18-19, to finalize and approve the rates of different commodities and services. Besides, the GST Council has worked a four tiered tax structure of 5, 12, 18 and 28% for the new indirect tax regime. Additionally, a cess would be levied on top of the peak rate on demerit and luxury goods.

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