New Delhi, January 16, 2017

The consensus at the GST Council meeting on jurisdiction over assessees as well as fixing roll out date as July 1 gives industry the much-needed clarity and additional time for preparing for the indirect tax reform, experts said. Dubbing the meeting as watershed moment for GST, Deloitte Haskins & Sells LLP Senior Director (Indirect Tax) M S Mani hoped that the final legislation with relevant rules is available to business at least three months ahead of the roll out.”With indication of revised implementation date of July 1, 2017 for GST, industry gets much needed clarity and some additional time for preparation for this huge reform. It appears that government would be able to get the central GST laws passed by Parliament in the second half of budget session now,” PwC Partner and Leader (Indirect Tax) Pratik Jain said, adding uncertainty surrounding GST is gone now.

BMR & Associates LLP Leader (Indirect Tax) Rajeev Dimri said, “Even to achieve the deferred roll out date, finalisation and publication of GST laws without further delay would be important for India Inc to effectively prepare for migration to the new regime.” Mani said that GST roll out from July 1 instead of April 1 is welcome as it ends the anxiety of industry to have a firm roll out date in place.”Industry would be delighted that there has been a consensus in today’s meeting of the GST Council and a definitive announcement of the roll out date. This would enable businesses to move ahead with preparing for the roll out from now itself,” Mani said, adding it is now imperative that all businesses complete their GST roll out preparations.

EY India National Leader (Indirect Tax) Harishanker Subramaniam said the development is “very positive” and takes GST journey forward. “What remains now are the rates for various goods and services which I am sure will be decided in March 2017″. In a significant breakthrough in implementation of India’s biggest tax reform, the deadlock over administration of GST was broken today after Centre agreed to allow states control over most of small tax payers but the rollout date was pushed back by three months to July 1.”The decision on deferment of GST to July is pragmatic. A well thought through implementation post meticulous discussion on the draft legislations is far more desirable than a premature rushed through roll out,” Dimri said.

[The Financial Express]