GST to come into effect from July 1: Shaktikanta Das
The Goods and Services Tax (GST) will be implemented from July 1 as all states have agreed on the implementation date, Economic Affairs Secretary Shaktikanta Das said on Tuesday.
"GST should be implemented by July 1. All states have agreed (on the date)," Das told reporters here.
The government plans to get the GST Council's approval on iGST (integrated GST), cGST (central GST) and sGST (state GST) drafts at its March 4-5 meeting before the second half of the budget session of Parliament begins on March 9.
The draft compensation bill has already been approved in the Council's February 18 meeting.
The draft laws passed by the Council will have to be passed by Parliament. Simultaneously, sGST will have to be passed by state legislatures.
The four bills form the enabling laws under the GST constitutional amendment.
Another step remaining is to slot all the commodities under the GST tax slabs: 5 per cent, 12 per cent, 18 per cent and 28 per cent.
Each item has to be fitted under a particular slab. After the March 4-5 meeting, GST officers will do the slotting.
The GST replaces a plethora of cascading center, state, interstate and local taxes with a single, nationwide, value-added tax on goods and services.