New Goods and Services Tax Implementation Date to be Announced in April
Jan. 29 – The Indian government has officially announced the delay of the implementation of the new Goods and Services Tax (GST) with the new roll out date to be decided in April 1.
The head of the empowered group of state finance ministers, Asim Dasgupta, said in a statement that the April 1 deadline would not be enforced because of a host of unresolved issues surrounding the GST.
“Because of the difficulties connected with the passing of the required constitutional amendment Bill in the Budget session, it will not be practical to introduce GST from April 1. A date will be settled after meeting the finance minister in April,” Dasgupta said.
Finance Minister Pranab Mukherjee and state finance ministers will convene in April to negotiate on the GST rate and other related issues. Many states are still debating on issues surrounding the new tax; suggesting alternate ways like a dual-rate structure for GST and more tax exemptions. Moreover, states will be compensated by the government for revenue loss incurred from lowering the central sales tax during the current financial year.
- Previous Article India Signs Revised Double Taxation Treaty with Finland
- Next Article Foreign Companies Now Allowed to Appeal Transfer Pricing Taxes