To take your ideas to Policymakers, Join the Campaign of #PolicyPulse Write to feedback@policypulse.com

15 states ratified GST, step away from presidential assent

Indications point out that pan-India overhaul of India's indirect tax regime will get the required support of more than half the states very soon

Policy Pulse
Publish Date: Sep 1 2016 12:46PM | Updated Date: Sep 1 2016 3:35PM

15 states ratified GST, step away from presidential assent

 The Goods and Services Tax (GST) bill ratified by 15 states, is waiting for magical number of 16 before it is sent to the president for his clearance.

 
After Goa became the 15th state to indorse the GST bill on Wednesday, decks would have been cleared for presidential nod had the West Bengal government moved for its ratification few days back. 
 
It did not do so at a special session on Monday, citing lack of time.
 
Indications point out that pan-India overhaul of India's indirect tax regime will get the required support of more than half the states very soon.
 
It could well be much earlier than the Centre's targeted deadline of rolling out the GST bill by the start of the next fiscal on April 1, 2017.
 
In the meantime, at a meeting in New Delhi with Empowered Committee of State Finance Ministers on GST on Monday, India Inc coiced for an 18 per cent standard rate.
 
They said this rate would generate suitable tax buoyancy without fuelling inflation.
 
Congress party had earlier demanded an 18 per cent cap on the GST rate.
 
Industry chambers also told finance ministers id states that the new tax be executed after a minimum of 6 months from the date of adoption of the GST law by the GST Council.