Centre mulling to 'advance' Winter session for early GST roll

Image
Press Trust of India New Delhi
Last Updated : Sep 18 2016 | 6:07 PM IST
In a bid to roll out the crucial Goods and Services Tax (GST) from April 1 next year, the Modi government is considering to prepone the Winter session of Parliament to pass the CGST and IGST bills, and pave way for implementation of the new sales tax regime.
The Winter session of Parliament is generally convened in the third or fourth week of November. The government, however, is looking to start the session from first fortnight of November, just after the festival season.
Parliamentary Affairs Minister Ananth Kumar is working overtime to repeat the success of the Monsoon session, according to sources.
However, they added that the final call is yet to be taken on the matter, but the work has been started for advancing the session.
The government is keen for early passage of the Central GST (CGST) and Integrated GST (IGST) bills, as it will give enough time to the Finance Ministry for implementation of the GST.
The two bills are supporting legislations to the Constitutional Amendment Bill approved in the Monsoon session of Parliament.
GST, being a constitutional amendment, required a ratification by 50 per cent of state Assemblies, which has been achieved.
Earlier this month, President Pranab Mukherjee had given his assent to the bill.
Last week, the Cabinet had also approved setting up a powerful GST Council, which will decide on the tax rate, exempted goods and the thresholds.
The CGST and IGST bills have been drafted on the basis of the model GST law. The states will draft their respective State GST (SGST) laws with minor variation incorporating state-based exemption. The IGST law would deal with inter-state movement of goods and services.

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Sep 18 2016 | 6:07 PM IST

Next Story