GST (Goods and Services Tax) could finally be implemented from July, indicated Finance minister Arun Jaitley on Saturday. "It looks on track. Subject to Parliament approval, it looks like the possible date of implementation of GST is July 1," he said after meeting of the 11th GST Council.
The council has approved draft central GST bill and the draft integrated GST bill, paving way for presenting them in the budget session.
The state Goods and Services Tax (SGST) Bill and the Union territory Goods and Services Tax (UTGST) Bill would be taken-up for approval after their legal vetting in the next meeting of GST Council scheduled on March 16.
While the Central GST, IGST and the Union Territory GST bills will be taken to parliament when it reassembles on March 9 to continue the discussion of the budget, the states will have to pass their state GST laws and fix tax rates before the GST can roll out. Jaitely, however, is confident they will be able to do so by July 1.
As per the approved bill, there will be a state-wise single registration for a taxpayer for filing returns, paying taxes,and to fulfill other compliance requirements. Most of the compliance requirements would be fulfilled online, thus leaving very little room for physical interface between the taxpayer and the tax official.
A taxpayer has to file one single return state-wise to report all his supplies, whether made within or outside the State or exported out of the country and pay the applicable taxes on them. Such taxes can be Central GST, State GST, Union Territory GST or Integrated GST.
Delhi Deputy Chief Minister Manish Sisodia said the central GST and integrated GST legislations have been broadly agreed upon at the Council meeting on Saturday.
(With inputs from Vijaya Pushkarana)
"Real estate should be brought under GST. Everybody knows that a lot of blackmoney finds its way into real estate and bringing real estate under GST will help in curbing black money," Sisodia said.
In its last meeting, the council had cleared the way to compensate states in case of revenue loss on account of GST.
