Finance ministry on Thursday clarified that missing the April 1, 2016, deadline does not mean the Goods and Services Tax can only be implemented from April 1, 2017.
“GST can be implemented anytime during the year, once the Bill is passed. One Committee is already working on the GST rate structure and the Committee is expected to submit its report very shortly. In addition, the Empowered Committee is working with think tank NIPFP on the Revenue Neutral Rate, based on a fresh set of data,” V S Krishnan, Member, Service Tax, in the finance ministry said.
He reiterated that drafting of the GST law has already been done and it would be given to the Empowered Committee for their inputs.
Published 08 October 2015, 16:40 IST