GST implementation: Now it's July 1

The ninth meeting of the GST Council held on January 16 failed to break the deadlock over the contentious issue of dual control under the Goods and Services Tax (GST). The states are seeking sole powers for assessment of assessees with annual turnover of up to Rs 1.5 crore. Finance Minister Arun Jaitely clarified that July 1 is a more realistic date for implementation of GST.

There are various issues over assessment and dual control and coastal states' issues over IGST and SGST have been resolved. Dual control is to be handled with 90 per cent assessment by the states and 10 per cent by the Centre. GST Council will meet on February 12 to decide on the list of tax on each item.

Finance Minister Arun Jaitely also stated that there are only three things ramaining for a full and final go for the GST. First, to prepare fresh draft for all new amendments done and distribute to all states and Union territories. Second, to take consensus from all state legislatures under a stipulated time for the same. Third, to prepare a tax list considering all items which will be distributed over all the states and the Centre.