Govt. optimistic about GST implementation from next fiscal

Union Finance Minister Arun Jaitley on Friday said that the government is trying its best to implement the Goods and Services Tax (GST) from April 1 next year, adding the Central Goods and Services Tax (CGST) Bill and Integrated Goods and Service Tax (IGST) Bill have been approved by the council.

He, however, admitted that the three bills namely the CGST Bill, IGST Bill and the Bill for compensating states for revenue losses following the implementation of GST have missed the initial deadline of passage in the Winter Session of Parliament.

Jaitley, who was addressing the media after conclusion of the two-day GST Council meet, admitted that the legally vetted draft of law for compensation to states would be placed during the next meeting.

"The GST Council will meet on January 3 and 4 to decide on dual control and IGST," said Jaitley

Following the clearance by the GST council, all the draft Bills are likely to be presented in Parliament.

Although the government plans to implement the GST from April 1, 2017, but due to Constitutional compulsion it could now be rolled out by September 16 next year as the existing indirect taxes will come to an end and it would not be possible for either the Centre or states to collect indirect taxes.