GST bill passed by states; J&K lags

GST bill passed by states; J&K lags

Karnataka passed the bill on June 15

GST bill passed by states; J&K lags
All states and union territories, except Jammu and Kashmir, have passed their state GST bills, paving the way for rollout of the Goods and Services Tax (GST) from the midnight of June 30-July 1, the government said.

While Kerala and West Bengal have issued an ordinance to approve the SGST Act, all other states and UTs have passed it in their respective legislative assemblies,” a finance ministry statement said.

As of today, all the states and union territories (having assemblies), except the state of Jammu and Kashmir, have passed the State Goods and Services Tax (SGST) Act. Kerala issued an Ordinance today approving State GST Act while the West Bengal had issued an Ordinance in this regard on June 15, 2017, it said.

“Now, only J&K  is yet to pass the State GST Act. Thus, almost the entire country including all the 30 states/UTs are now on board and ready for the smooth rollout of GST with effect from July 1, 2017,” the statement added.

Telangana was the first amongst states to pass the Act on April 9 followed by Bihar on April 24. Karnataka passed the bill on June 15.

GST will be rolled out on the midnight of June 30 from the historic Central Hall of Parliament. While President Pranab Mukherjee will officially launch GST, Prime Minister Narendra Modi will be the key speaker.

Meanwhile, the government on Wednesday sought to dispel the notion that the new tax regime will be cumbersome and compliance- heavy, saying taxpayers need to file only one return every month, similar to what they presently do.

Revenue Secretary Hasmukh Adhia said the notion that assessees will have to file three returns every month is unfounded and retailers or B2C dealers need not give invoice wise details every month.

“Close to 80% of the businesses will have to simply file total turnover detail in return because they are all B2C dealers or retailers. Return filing is very easy, people need not worry about filing process, it is very transparent and is done by machine,” Adhia said.
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