TMI BlogWHEN DO WE EXPECT GST NOWX X X X Extracts X X X X X X X X Extracts X X X X ..... WHEN DO WE EXPECT GST NOW - By: - Dr. Sanjiv Agarwal - Goods and Services Tax - GST - Dated:- 30-12-2016 - - Now that it is almost clear that GST may not catch up the 1st April 2017 date owing to various reasons and the type and size of tax reform it is, one thing is for sure. GST is a certainty and it will come latest by 16th September, 2017. Exact date can not be speculated at this moment. Ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wever, 1st July seems to be logical. GST Council Meetings The 7th meeting of the GST Council was held for 2 days on 22-23 December, 2016 at New Delhi. The main agenda was to vet / approve the remaining provisions (after section 99 ) of revised model GST law and IGST law and iron out the differences between Centre and States on dual control of tax payers / administration of GST. Since ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... they were able to approve law only in these two days, we can expect GST from July, 2017. However, any miracle or high speed progressing on the agenda is not ruled out which will be at the cost of imperfect implementation and too much of initial hick ups and confusions. Hope that wise sense would prevail and GST will not be enforced under pressure to be in force by April 2017. However, heaven i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s not going to fall if it is slightly delayed. The Goods and Services Tax (GST) Council, which began its seventh meeting yesterday focused on finalising the draft model legislation for the GST reforms. Council discussed the draft Central and State GST Bills, which were cleared to a large extent. There was detailed clause by clause discussion. The draft Bills for integrated GST and compensation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as well as administrative control over businesses are being taken up for discussion today. The next GST Council meeting is likely to be held on January 3-4, 2017. But, this still does not pave the way for GST w.e.f. April, 2017. MOF will have to clear that Budget would include Central Excise and Service Tax amendments or not. If no, it would indicate that it is still gambling with a half baked ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... GST from April, 2017. If yes, GST would be postponed. But Government should clear the air at the earliest as Union Budget and State Budgets are also to be firmed up. If GST is being delayed, then there have to be budgetary provisions and changes, tax estimates and necessary amendments by way of Finance Bill 2017. If not, then GST preparedness has to be geared up. Where is the time left ? Bud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... getary announcements would be subject to developments in forthcoming GST Council meeting. The 7th meeting of GST Council (GSTC) did some significant business in last two days, 22-23 December, 2016, earning a good year - end holidays. GSTC completed the left over agenda of reading down revised model GST laws for CGST, SGST and IGST with broad consensus but the entire work is not yet over. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... What has been done / agreed upon Draft legislations Compensation Bill subject to legal vetting What has been kept for next meeting Final vetting of Compensation Bill What has not been done Administrative / dual control of Assessees Finalization of details of GST rates (being worked upon by Committee of officers) Administration of IGST Date of 'imp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lementation (April 2017 or beyond) What next All clearances from GSTC Legal vetting of legislations and final stamp of GSTC Deciding on administrative issues Respective legislations to be taken up by Parliament and State Assemblies Common date for enforcement of GST in India The next (8th) meeting of GSTC shall be held on 3-4 January, 2017. With still so much is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... left to be done by GSTC and after that by law framers (Parliament and State Assembles), it looks like a virtual impossibility to have GST from April, 2016. If it is being claimed so, we are becoming April fool before time. Even the FM has started saying that he is no rigid on time frame but in any case it has to be before 16 September 2017. Clouds over the likely date of GST are now emerging cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earer that GST may not be possible on 1st April, 2016 and that date is certainly going to the missed but at what cost, nobody knows. However, delay certainly not in India's interests. With Budget and elections in six States round the corner, GST is likely to take a back seat and may be introduced at the earliest from 1st July, 2017 or at the latest by 1st September, 2017. Till then, just re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lax, wait and watch the drama and events unfolding. - Reply By KASTURI SETHI as = Sir, Thanks for analytical update. K.L.SETHI Dated: 30-12-2016 Reply By Ganeshan Kalyani as = Nice article. Industries have already expressed that enough time would be required to implement GST once it is passed. Dated: 2-1-2017 - Scholarly articles for knowledge sharing authors expe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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