GST to be implemented on July 1

GST Bill
What will happen to Hyundai and Honda car prices after GST rollout?
 New Delhi, Mar 02: The Goods and Services Tax Network (GSTN) will follow the deadline set by the Finance Ministry regarding the official implementation of the much-anticipated GST Bill scheduled for July 1st, 2017.
Goods and Services Tax (GST)which was initially supposed to be rolled out by April 1, 2017, missed its deadline after some states remained undecided on certain important parameters like binary control with the states and the Centre.
Goods and Services Tax Network CEO Prakash Kumar declared that all necessary steps should be taken for timely execution of the GST have been made.
“The RBI had already approved 30 Banks for payment regarding the GST. Apart from these banks, the remittance can be made via other banks through the NEFT or RTGS,” Prakash Kumar told ANI.

Prakash Kumar also said that the new software is being developed to ease the remittance process currently undergoing trial in various states.

The industrial associations have in these states been assigned the task of teaching the other GST officers about this software.
“The Goods and Services Tax Network has been set up primarily to provide Information Technology infrastructure and services to the Central and State Governments, taxpayers and other stakeholders for execution of the GST. So far, we have finished 70 to 90 % enrollments in most states,” Prakash Kumar said.
“We have provided provisional Identity to 83 lakh tax payers. Out of this, 67 lakh belong to states. We have started the service tax enrollment from January and are concurrently making backend application for 25 states,” he added.
Meanwhile, the industries are looking forward to the Goods and Services Tax on July 1, 2017.
The prime intention of this is to enable timely collection and supervision of indirect taxes in addition to bringing all indirect taxes under a single category.

It was reported that at least 50,000 letters will be sent by indirect tax officials to PM Modi seeking his intervention to ensure a moneyed roll-out of GST.

A decision in this regard was taken during a meeting of representatives of All India Association of Central Excise Gazetted Executive Officers and those from IRS (Customs and Central Excise).

Goods and Services Tax would replace the multiple indirect taxes that are currently in place and replace it with one single tax.

Top