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GST scheduled for July 1 rollout Jaitley

Goods and Services Tax - GST - Dated:- 8-5-2017 - Tokyo, May 8 (PTI) The Goods and Services Tax (GST) is on schedule for implementation from July 1 and will not lead to any significant increase in prices of goods although cost of some services may see a marginal hike, Finance Minister Arun Jaitley said today. Hailed as the biggest tax reform since India's independence, GST will replace an array of central and state levies with a national sales tax, thereby creating a single market and making .....

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with multiple authorities. The whole country was divided into multiple markets. So a free movement of goods and services was not possible. Now, the idea of GST was that let there be just one tax in the country, Jaitley said. He added that tax rates on goods may go down marginally under the new indirect tax regime while services may see some increase. The GST Council, which had previously finalised a four- tier tax structure of 5, 12, 18 and 28 per cent, is scheduled to meet next week to put diff .....

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obviously, they will go up marginally and therefore, there will be some impact on this. So, goods and services may react a little differently, Jaitley said. Asked if GST would stoke inflation, he said: I don't anticipate this to happen significantly. If at all, this may be a transient impact. At a separate interactive session on 'India's Business Environment: Reforms and Opportunities' organised by CII, Indian Embassy and Japan Chamber of Commerce, he said after the Constitution .....

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