Corporate India is gearing up for the implementation of Goods & Services (GST) Tax slated to begin in July.
The GST Council will be holding its 12th meeting on March 16 to discuss the two crucial bills – State GST and Union Territory GST. The council is also likely to discuss issue of rates in the meeting.
Najib Shah, chairman of CBEC is confident that SGST and UTGST are likely to get green signal tomorrow. July 1 rollout is certainly achievable, he said.
On GST rates, he said, while “it is one of the biggest challenges” a committee of members from both states and center is looking into it. The aim is that closest slab should fit in most of the commodities.
Shah further said the exemptions will have to be minimum in GST. Exemptions promised will either phase out slowly or will be supported through Budgetary routes.
The council is also working towards ensuring minimum issues of double taxation on goods.Watch video for full discussion...