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GST proposal submission postponed to 1st July
Posted on: 17/Jan/2017 7:09:08 PM
The central government Finance Minister, Mr. Arun Jaitley has informed that the GST (Goods and Services Tax) will be effective from 1st July, postponed from the earlier scheduled date of 1st April.
The 9th meeting of the GST council participated by all state representatives was conducted recently. After the meeting, the central finance minister had a session with the press reporters in Delhi.
He informed that a final decision is yet to be taken after the meeting with the state ministers.
He mentioned that concurrence could not be obtained on a particular feature of equal sharing of the tax amount proposed on all organisations earning less than 1.5 Crores per annum between the central state governments.
Because of this, the implementation of GST has been postponed from the original scheduled date of 1st April now to 1st July.
The finance minister informed that the next GST Council Meeting is scheduled on 18th February.
Meanwhile, information is gathered that the budget expected to be presented shortly is being prepared based on the existing multi-taxing system.
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