New Delhi: Economic Affairs Secretary Shaktikanta Das on Tuesday said that the Goods and Services Tax (GST) will be implemented from July 1 this year.
Das further said that GST will be a reality soon as all states were on board.
Speaking to PTI in London, Finance Minister Arun Jaitley yesterday said the GST regime would also make generation of cash more difficult, besides making the taxation system much more efficient.
He hoped that the GST would be implemented by July 1.
"Today, India is one of the most open economies of the world. While the world is turning protectionist, India is opening up more," he added.
On the Goods and Services Tax (GST) rollout, the FM said, "The first requirement is constitutional amendment, the law has been passed unanimously and by September 15, 2017 the curtain will be down. We have resolved most of the critical issues. Legislations have been drafted. Two weeks ago, we approved the first draft. By March first week, the second draft will come up. Parliament will be resuming from march 9."
The Finance Minister said, "Despite teething problems, hopefully GST will come up for implementation by July 1. The entire process has to be completed by September 15. At the moment, it is the biggest tax reform since Independence. Once implemented, it will be far more efficient tax system. The quantum of taxation will go up. GST will make generation of cash more difficult."
With Agency Inputs
