January 16, 2017 9:51:04 pm
Industry experts are positive about the announcement of Goods and Services Tax (GST) roll out date of July 1 as well as the consensus at the GST Council meeting on assessee jurisdiction. While some have termed the GST Council meeting as a ‘watershed moment’, others hope that the final legislation and rules are available at least three months before hand so that the industry is able to prepare itself.
Here are some reactions
PwC Partner and Leader (Indirect Tax) Pratik Jain: With indication of revised implementation date of July 1, 2017 for GST, industry gets much needed clarity and some additional time for preparation for this huge reform. It appears that government would be able to get the central GST laws passed by Parliament in the second half of budget session now.
BMR & Associates LLP Leader (Indirect Tax) Rajeev Dimri: Even to achieve the deferred roll out date, finalisation and publication of GST laws without further delay would be important for India Inc to effectively prepare for migration to the new regime. “The decision on deferment of GST to July is pragmatic. A well thought through implementation post meticulous discussion on the draft legislations is far more desirable than a premature rushed through roll out.
Deloitte Haskins & Sells LLP Senior Director (Indirect Tax) M S Mani: Industry would be delighted that there has been a consensus in today’s meeting of the GST Council and a definitive announcement of the roll out date. This would enable businesses to move ahead with preparing for the roll out from now itself. It is now imperative that all businesses complete their GST roll out preparations.
EY India National Leader (Indirect Tax) Harishanker Subramaniam: The development is “very positive” and takes GST journey forward. What remains now are the rates for various goods and services which I am sure will be decided in March 2017.
In a significant breakthrough in implementation of India’s biggest tax reform, the deadlock over administration of GST was broken today after Centre agreed to allow states control over most of small tax payers but the rollout date was pushed back by three months to July 1.
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