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BUDGET 2017 DOES IT FACILITATE GST

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 7-2-2017 Last Replied Date:- 22-2-2017 - Budget 2017-18 contains 3 major reforms. These are- Presentation of Budget advanced to 1st February to enable the Ministries to operationalise all activities from the commencement of the financial year. Merger of Railways Budget with General Budget to bring Railways to the centre stage of Government s Fiscal Policy, and Removal of plan and non-plan classification of expenditure to facilitat .....

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to biggest ever indirect tax reform in Indian economic space. There were expectations, and obviously, that Budget may dwell upon GST in detail and pave a way for implementation of GST. Though no clear road map for GST to be in place has been made or announced, there are number of indications which assure us that GST will come, in any case by September, 2017. GST related Budget Highlights No clear cut road map laid Acknowledges Constitutional Amendment unanimously Acknowledges State Government .....

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ecause widening of tax base. Not many changes in current central excise and Service Tax regime as these will be replaced soon by GST No change in tax rates of excise duty as well as service tax. Abolishment of R & D cess is in allignment with GST The present Budget is focused on TEC, i.e., transform, energize and clean India which contains measures for stimulating growth, digital economy and ease of doing business. This agenda of TEC India seeks to - Transform the quality of governance and q .....

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dget speech only stated that he does not propose many change in Service Tax and Central Excise as these will soon be replaced by goods and Service Tax. In his speech, Finance Minister stated that in the last one year, our country has witnessed historic and impactful economic reforms and policy making. In fact, India was one of the very few economies undertaking transformational reforms. There were two tectonic policy initiatives, namely, passage of the Constitution Amendment Bill for GST and the .....

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tory work for this path-breaking reform has been a top priority for the Government. In this context, several teams of officers both from the States and Central Board of Excise and Customs have been working tirelessly to give finishing touch to the Model GST law and rules and other details. Government on its part has promptly given effect to various provisions of the Constitutional Amendment Act, including constitution of the GST Council. Since then, the GST Council held 9 meetings to discuss var .....

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