Tuesday, 17 January 2017

India GST rollout on July 1, consensus on dual control

India will likely roll out a country-wide Goods and Services Tax (GST) from July 1, three months behind the original April 1 schedule, even as the Centre and states hammered out a consensus on Monday on the two thorny issues of “dual control” and taxing rights of goods moved through high seas. “We have arrived a decision on dual control,” finance minister Arun Jaitley told reporters after the 9th meeting of the GST Council in New Delhi. 

“We discussed this issue for the entire day and have been able to arrive at a decision on this issue,” the finance minister said. “It is a significant headway”. Following a hard-as-nails bargain , the Centre has broadly agreed to states’ demand on “dual control” or cross empowerment to split the administrative, auditing and assessing powers between the two governments under GST, which promises to stitch together a common national market by consolidating a web of local and central taxes into a single levy.

No comments:

Post a Comment