Finalisation of GST Rules by March 2017

Finalisation of GST Rules by March 2017

As per Hasmukh Adhia,Revenue Secretary, the Goods and Services Tax (GST) laws i.e CGST, SGST & IGST Acts and GST Rules will be finalised by the end of March2017.

The draft GST Rules wil be also put in public domain for suggestions from trade and experts .

However,GST rates with respect to the classification of various goods and services shall be decided latest by  June,2017.

Whereas, as per Arun Jaitley,Finance Minister, the draft bills on GST enactments shall be introduced in the floor of Parliament during Budget Session only.

It is pertinent to note that after 9 meetings of GST Council , the following could be finalised :

a.the tax rates,

b.threshold exemption,

c.compensation to the states,

d.sharing of assessee’s between state with respect to monteray limits i.e  below Rs 1.5 Cr & Above

e.draft laws and

f. administrative mechanism.

The new realistic deadline and target of implementation of GST has been set up as 1st July, 2017.