Jan. 8 – The set April 1 deadline for the introduction of the new Goods and Services Tax (GST) is likely to be rescheduled government officials said yesterday.
The mechanism for revenue sharing between the central government and the states have not been finalized yet in addition to the need for constitutional amendments for the new tax regime. India’s Bharatiya Janata Party (BJP)-ruled states disagree on the implementation of the GST from the new fiscal because unresolved issues while other states like Orissa, Madhya Pradesh, Rajasthan and Tamil Nadu have requested that the new India GST be deferred.
Prior to meeting with Finance Minister Pranab Mukherjee, panel Chairman and West Bengal Finance Minister Asim Dasgupta told The Hindu: “Tomorrow, we will discuss the new date for introduction [of GST] and compensation formula to the States with the Union Finance Minister … Together [empowered committee and Mr. Mukherjee], we will announce a new date.”
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