New Delhi: Finance Minister Arun Jaitley said here that a rollout of the Goods and Services Tax has been deferred from its April 1, 2017 date, and may now be implemented on July 1, 2017, once again highlighting differences between the Centre and the States sharing of tax revenue.
Finance Minister Arun Jaitley said in a press briefing that the Centre and States disagreed on control of certain assessees. The States wanted control of assessees with a turnover of upto 1.5 crore (small businesses), which the Centre was reluctant to concede because it would shrink its tax base.
The GST Council meeting today is the last one before the budget and the next meeting to break the deadlock is likely to take place after the budget, and hence the GST, which was supposed to be rolled out on April 1 is unlikely to meet this date.
This has implications for the Budget, which was not expected to include targets for central excise and service tax, according to Economic Times, since these taxes were supposed to be subsumed within the GST, which the Centre was hoping would roll out on the first day of the new financial year.
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