GST to come into effect from July 1, says Shaktikanta Das

Goods and Services Tax (GST) will be implemented from July 1, 2017, Economic Affairs Secretary Shaktikanta Das said on Tuesday.

New Delhi, Feb 28: The Goods and Services Tax will be implemented from July 1 as all states have agreed on the implementation date, Economic Affairs Secretary Shaktikanta Das said on Tuesday. "GST should be implemented by July 1. All states have agreed on the date," Das told reporters here. He further said that remonetisation is near complete now and its benefits will be positive in next quarter.

The government plans to get the GST Council's approval on integrated GST, central GST and state GST drafts at its March 4-5 meeting before the second half of the budget session of Parliament begins on March 9.

The draft compensation bill has already been approved in the council's February 18 meeting.

The draft laws passed by the council will have to be passed by Parliament. Simultaneously, sGST will have to be passed by state legislatures. The four bills form the enabling laws under the GST constitutional amendment.

Another step remaining is to slot all the commodities under the GST tax slabs: 5 per cent, 12 per cent, 18 per cent and 28 per cent.

Each item has to be fitted under a particular slab. After the March 4-5 meeting, GST officers will do the slotting.

IANS