New Delhi: The stage is now set for rolling out the Goods and Services Tax (GST) from July 1 as Finance Minister Arun Jaitley on Monday finally broke a three month long deadlock by conceding control over 90 per cent small taxpayers to the states.
GST again failed to achieve consensus on contentious dual control or cross empowerment issue that deals with assessee jurisdiction, deferring target for its roll out to July 1.
Meanwhile, the GST was earlier proposed to come into effect from April 1. After a meeting with state officials here, Jaitley said that July 1 was a “more realistic” date for the GST launch as companies needed ample time to switch over to the new tax.
“GST turnover of above Rs 1.5 crore will be assessed in the ratio of 50:50 by States and Centre,” Jaitley said.
GST is expected to transform India into a single market, boost revenues through better compliance and simpler procedure.