India Is Moving Towards Goods And Services Tax (GST) Implementation

The GST roll-out proposed for implementation from 1 July 2017, is close to finally becoming a reality with a plethora of developments paving the way for its implementation. Post the Parliament's winter session, the key highlights of the progression towards GST implementation are:

• The GST Council in its 10th meeting, which was held on 18 February 2017, approved the GST (Compensation to States) Bill, which stipulated the manner in which the states will be compensated, in the event of loss due to the implementation of GST, for a period of five years.
• On 24 February 2017, the Finance Ministry launched a mobile application to provide GST updates to the taxpayers on GST.
• In its 11th meeting held on 3 and 4 March 2017, the GST Council approved the Central GST (CGST) and Integrated GST (IGST) Bills.