Here's why GST rollout by April 2017 will be a challenge for the govt
The government will now have to get the bill passed in the Lok Sabha, which can be as soon as Monday.
While the Rajya Sabha finally gave the go ahead for the long awaited Goods and Service Tax (GST) Bill on Wednesday evening, there is still a long way to go for it to be implemented. The rollout of GST by April 2017 will be a challenge by the government, according to a Zee Business report.
The government will now have to get the bill passed in the Lok Sabha, which can be as soon as Monday. This is as the ruling BJP party and its allies have a large majority of the seats in the house.
After this 50% of the States will have to pass the Amendment GST Bill within 30 days. In this step the bill will be introduced in the State assemblies for its passage. This means it will have to be accepted by at least 16 States.
Currently the monsoon sessions of the State legislative assemblies are taking place and the government is confident that the GST Bill will go through by the end of it.
The IT infrastructure for GST will then have to be created, which will only be ready by the end of December.
The rollout of GST from April 2017 will be a challenge as it will require a team of 6,000 tax authorities.
Watch Zee Business news report here:
GST ROLLOUT FROM APRIL 2017 WILL BE CHALLENGE: GOVT. pic.twitter.com/4j7mvQKbFY
— Zee Business (@ZeeBusiness) August 4, 2016