Updated By: LatestGKGS Desk
GST may be delayed by a quarter to July 1 following preparations
Experts: GST to be delayed to July 1 as industry needs time to prepare
According to the experts, GST could be delayed by a quarter to July 1 as industry would require to prepare itself for GST Tax.
The Finance Ministry has taken 10 important decisions regarding GST in so far six meetings but some of the decisions are still pending like dual control, list of items in tax bracket and model CGST laws and IGST laws.
The 1st April roll out to also delay as CGST laws and IGST laws can be passed during the budget session in early February
Thereafter, states will have to pass the SGST laws in their assemblies.
Service sector has some confusion over interpretation of law and is awaiting for the clarification by the government.
Last week, Finance Minister Arun Jaitley also stated new indirect tax can be implemented anytime between 1st April 2017 and 16th September 2017.
It is expected that GST council in its 22-23 december meeting will take the decision regarding pending issues.
