New Delhi: The Goods and Service Tax (GST) which is supposed to be the most important reform in India’s taxation system, is set to be implemented from July 1, 2017. The Chief Eexecutive Officer (CEO) of NITI Aayog, Amitabh Kant, believes that the implementation of GST can help India achieve a growth rate upto 9%. Meanwhile, till date the legislative assemblies of 24 states of India have already approved the bill but 7 states have not yet carried out the process of ‘GST’ Bill approval.
In the GST Council meet, all the states have agreed upon the implementation of GST from 1st of July. However, till 5th of June only 24 states have given their approval to GST. Whereas, Meghalaya, Punjab, Tamil Nadu, Kerala, Karnataka, Jammu-Kashmir and West Bengal have not yet approved SGST of GST. Despite this, the Government plans to go ahead with the GST in these 7 states as well.
The GST bill which has been delayed for many years shall now be on the roll from 1st July. In the mean time, some states fear that the GST states may get affected and thus may affect the economy adversely. All these fears were laid to rest by CEO Amitabh Kant by iterating that GST can help India’s growth rate to rise up to 9%.
At the same time, several experts have estimated an increase of about 1 to 2% in the Gross Domestic Product (GDP) of the country. Also, the Inflation Index is expected to fall by about 2%. It is in the midst of these predictions CEO Amitabh Kant has claimed that the growth rate of India will increase due to GST.
Ahead of the nation-wide GST launch scheduled on 1st July, Cabinet Secretary P.K. Sinha has instructed all related departments and ministries to collaborate with the important business and industries as well as set up independent guidance cells on the new taxation system.