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With the formation of the GST council on Monday, we are witnessing how the Government is working keenly towards achieving the deadline of GST which is April 1, 2016. Meanwhile, India Inc believes that the proposed deadline is insufficient and seeks more time for the implementation of GST across the country. The Govt. already cleared another milestone by forming the GST council and the Union cabinet led by Prime Minister Narendra Modi decided that the GST council office will be based out in Delhi.

GST Taxation scheme will stir some of the names under its implication, such as Apex indirect tax body CBEC will be named as the Central Board of Indirect Tax (CBIT) as soon as the GST strikes on 1st April next year. Governed by the secretary-level officer, exemptions, and threshold which are implied by CBIT now will be set accordingly by GST council being chaired by Union Finance Minister and has state finance ministers as its members.

The Union Cabinet will be holding a meeting on Monday to take the next step required in the implementation of the GST Act in India. The cabinet will decide about the GST council which is an important part of the GST regime. The council will set the GST rates for the different sectors functioning in the country. Over 17 states have already ratified the bill along with President’s nod, the bill is one of the top priorities of the govt.

With the approval of President Pranab Mukherjee on the GST Bill, the Bill has already become an Act in India. It is likely to follow the Government deadline of April 1, 2017. Meanwhile, the govt will utilize the time to form a special GST council to set the GST rates for the different sectors of the Indian economy.

After getting ratified by more than 50 percent of the Indian states, the Goods and Services Tax Bill has been signed by the President Pranab Mukherjee. The Bill has become an Act now. Now, it is all set to be implemented by the proposed deadline i.e April 1, 2017.

GST has become a major tax reform ever in the history of India. It has been in the news almost every corner of political houses and now it’s the turn for small and medium enterprises to join the commune soon.