Union Minister for Commerce and Industry Nirmala Sitharaman today said the ‘One Nation One Tax’ regime through the Goods and Services Tax (GST) system would come into effect on April 1, 2017, leading to a unified domestic market.
Speaking at the inaugural event of the two-day Karnataka State BJP Executive Committee in Belagavi, she highlighted the salient features and took a dig at the previous UPA government for not taking a decision on the GST that was introduced as the 115th Constitution Amendment Bill even though the then Finance Minister announced in 2006-07 that GST would be rolled out by 2010. It was the NDA government in 2003 which set up the Kelkar Committee on GST. It was passed during the present government and the GST Bill would be hopefully passed soon, paving the way for making certain arrangements so that GST became a reality from April 1, 2017 onwards.
‘No overlapping of taxes’
Addressing apprehensions and confusions, she said the GST would be imposed at the consumer-end, and would be shared by both the Centre and States. No transaction would go unnoticed and the black money in trade and industry would be contained. There would be no duplication or overlapping of taxes, she said.
Drawing attention to reviews by some experts on the GST, Ms. Sitharaman said the new tax regime was expected to boost GDP growth by 1-1.50 per cent. At present, the GDP was at 7.5 and the Centre was keen to take it up to at least eight per cent. And, with the GST coming into effect, the GDP could cross nine per cent, she added.
-source:- http://www.thehindu .com/news/national/karnataka/gst-from-april-1-2017-says-nirmala-sitharaman/article9180177.ece