GST 2 LAST

first_imgLok Sabha has already passed a Constitutional AmendmentLok Sabha has already passed a Constitutional Amendment Bill for bringing in GST, but the same is pending in Rajya Sabha where the ruling NDA does not have a majority.After the passage, a Bill of the GST itself would come before Parliament and all state legislatures. Following this, rules will be framed.The absence of a chairman of the Empowered Committee had derailed its meetings where key issues on the proposed laws and rules were to be discussed.After Mani quit, only one meeting of the Committee has taken place. In November, Delhi Finance Minister Manish Sisodia was selected to chair a meeting for a day.It had decided on a sub-panel to decide on the issue of a threshold, as states were divided on whether GST should kick in from Rs 10 lakh or Rs 25 lakh of annual turnover.Another meeting was to take place in December but did not happen. The committee was to draft a GST law and business processes for payments, refunds and returns filing.GST, which will usher in a single rate indirect tax regime in the country by subsuming excise, service tax, octroi and other state levies, was originally proposed to be implemented from April 2010.After Congress blocked the bill in Rajya Sabha, the April 2016 deadline is most likely to be missed. PTI JD ANZ ABKlast_img

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