Moneycontrol
Jan 11, 2017 09:10 PM IST IST | Source: Moneycontrol.com

Budget 2017 likely to outline GST details, rollout date

With the original deadline of April rolling out the new indirect tax system looks missed for now, Finance minister Arun Jaitley is widely expected to announce GST's implementation schedule in the upcoming budget 2017-18.

The Centre and states are currently locked in hectic confabulations over finer details of Goods and Services Tax (GST).

Once implemented, GST, billed as India's most ambitious reforms move, will stitch together a common national market, dismantle fiscal barriers among states and consolidate a patchwork of local and central duties such as excise into a single levy.

With the original deadline of April rollout looking missed for now, Finance Minister Arun Jaitley is widely expected to announce GST's implementation schedule in the upcoming budget 2017-18.

Under law, India will have to implement GST on or before September 15, 2017.

After GST, Part B of the Union Budget speech, will only have income and other direct taxes and customs duties, a major break from the past when every minor indirect tax change had market and sectoral implications.

Since GST is headed for a mid-year roll-out, the budget for 2017-18 could carry half-yearly estimates of service, central excise duty and collections from other indirect taxes (excluding customs) also that the Centre expects to earn between April to September, instead of only full-year projections.

The Finance Minister may also give additional Rs 20,000-25,000 crore as compensation to offset tax revenue loss in the wake of the currency culling move.
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