The Finance Ministry is aiming at 1 April 2017 to roll out the Goods and Services Tax (GST). However, it may find it difficult to do so as the new taxation system has to go through various procedures before implementation.
To begin with, the Constitution Amendment Bill to help in the implementation has to go through the state Assemblies and pass through at least half of the states in the country.
The government has held meetings with representatives of various sectors to gauge if the unified tax can be implemented in either June or July, reports The Economic Times. Although the GST legislations – CGST and IGST – will be introduced in the Parliament in the winter session, it maybe passed only in the Budget session. This leaves the companies with a few months’ time to implement GST, which maybe too ambitious to realise.
Source: The Economic Times
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