Govt doing all it can to meet April 2016 deadline

Q: Finance Minister Arun Jaitley and his team are ready to ensure that the centre is fully prepared to meet the April 1, 2016 time line to implement the GST.

Ravindra Singh,

10th September 2015

Real estate News in Mumbai

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Replies (4)

Good Morning All !!!!!
Yes, it seems to me that if this kind of obstructionism by the Congress party remains, GST may miss the April 1st, 2016 deadline. As Congress's announcement on Tuesday opposing a special session of Parliament for the passing of the GST Constitutional Amendment Bill. Almost all the party has given their grant , so it is only a matter of time before it is passed.

Sunil Sharma, Noida

11th September 2015

Comment

Congress say that calling of a special session of Parliament will serve no purpose unless the government takes action against Sushma Swaraj and BJP chief ministers.

I don't understand that what is going on in their mind. They are useless in their governing period so they don't want to see their opponent's progress. There could be more reason but i don't want to disclose here.

Sangam, Noida

11th September 2015

Perhaps for the first time, the government has taken a lclear cut attitude on whether the Goods and Services Tax (GST) will meet its April 2016 deadline. They are referring actions of the Congress in Parliament as a major obstruction. The government has already, in all its communications, been certain about meeting the deadline.

Sunil Sharma, Noida

11th September 2015

However, a final call on these decisions will be taken by the GST Council, which should be in place within 60 days of the Bill clearing Parliament. However, all this is dependent on the GST Constitutional Amendment Bill clearing by the Rajya Sabha, where the government does not have the numbers.

Sangam, Noida

10th September 2015

Comment

Right Sangam.....
And if the Bill fail to be pass in the upcoming monsoon session of parliament, the government's super plans to meet April 1, 2016 GST deadline will fall flat.

Dilip Joshi, Bangalore

10th September 2015

@Sangam.....
The Finance Minister has already indicated and as mentioned in the Bill, the tax rate can be up to 1%, and that it could be lower than this at the time of implementation.

Lekshmi,

10th September 2015

Comment

Hey Lekshmi!!!!
Another important issue is of the service tax:- any impact of a jump in the rate of service tax will be margi by input tax credits. There will also be a higher and a lower rate, depending on the service being availed for common man. On the whole, the center hopes to keep the revenue boom and increased compliance to keep the overall GST rates down.

Dilip Joshi, Bangalore

10th September 2015

It is heard that the work on the model GST laws is on in full swing, and the Centre plans to consult industry and States on the draft model laws once the Constitutional Amendment Bill gets Parliament's approval.

Lekshmi,

10th September 2015

Right Lekshmi....
For the time being, the Centre has the certain proposals to protect small traders from a low GST entry. First of all, the traders with annual turnover of Rs 25 lakh may be exempted from GST. Secondly, traders with annual turnover above Rs 25 lakhs and upto Rs 75 lakh may have to pay a flat tax rate of 1 to 2% under a compounding scheme, which will put them outside the GST net.

Dilip Joshi, Bangalore

10th September 2015

The fortune of of the constitutional Amendment Bill on GST hangs in the balance in parliament. But the Finance Ministry is in no mood to decrease or modify the 1% additional tax that will be imposed on manufacturing states.

Lekshmi,

10th September 2015

Comment

Right Lekshmi,
It is also heard that the ministry may take some steps to relieve the shock of the expected jump in the service tax rate.

Even states are comfortable with the compensation formula in the Constitutional Bill. A sub-committee has been set up to suggest a rule of procedure to avoid the impact of issue from the proposed 1% additional manufacturing tax.

Sangam, Noida

10th September 2015