GST to be implemented on July 1: GSTN
New Delhi [India], March 2 (ANI): The Goods and Services Tax Network (GSTN) will comply with the deadline set by the Ministry of Finance regarding the official implementation of the much-awaited GST Bill scheduled for July 1, 2017.
GSTN CEO Prakash Kumar claimed that all necessary arrangements for timely implementation of the GST have been made.
"The Reserve Bank of India (RBI) had already approved 30 banks for payment regarding the GST. Apart from these banks, the payment can be made via other banks through the National Electronic Fund Transfer (NEFT) or Real Time Gross Settlement (RTGS)," Kumar told ANI.
He added that new software is being developed to ease the payment process currently undergoing trial in various states. The industry associations have in these states been assigned the task of educating the other GST officers about this software.
"The GSTN has been set up primarily to provide IT infrastructure and services to the Central and State Governments, tax payers and other stakeholders for implementation of the GST. So far, we have concluded 70 to 90 percent enrollment in most states," Kumar said.
"We have released provisional Id to 83 lakh tax payers. Out of this, 67 lakh belong to states. We have started the service tax enrollment from January and are simultaneously making backend application for 25 states," he added.
Meanwhile, the industries are looking forward to the GST on July 1, 2017. The prime objective of this is to enable timely collection and supervision of indirect taxes in addition to bringing all indirect taxes under a single category. (ANI)