GST to be implemented from 1st of July this year: Shaktikanta Das

GST to be implemented from 1st of July this year: Shaktikanta Das

Economic Affairs Secretary Shaktikanta Das has said, Goods and Services Tax (GST) will be implemented from 1st of July this year. Speaking during the launch of Organisation for Economic Co-operation and Development, OECD Economic Surveys India in New Delhi, Das said, GST will be a reality soon as all states are on board.
He said, GST will replace a myriad of consumption taxes and will be a game changer over the medium term as it will reduce tax cascading and boost India’s competitiveness, investment and job creation.
Global think tank OECD said, the GST reform is designed to be initially revenue neutral and it should be complemented by a reform of income and property taxes. The GST Council at its 10th meet had cleared certain provisions of key supporting legislations. The Council will again take up model GST laws at its next meeting on 4th and 5th of March for a final clearance.
Speaking on demonetization, Das said the benefits and outcomes of demonetisation will be evident in the coming quarters. He said, remonetisation is now almost complete. In his address OECD Secretary-General Angel Gurria said, note ban will help the country move to a less-cash society, greater financial penetration and better consumer protection. He said, India will never be the same again post demonetisation. Mr Gurria said, the impact of demonetisation may be felt on the consumption pattern in one quarter but it is going to bite in the medium and long term.

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