ProMASS: Jan 16, 2017: Union Government has decided to defer GST roll out till 1st July, 2017. Union Finance Minister Arun Jaitley today said the GST roll-out has been deferred to July 1, 2017. He said, it seems to be a more realistic date. Earlier, the government had set April 1, 2017 as the deadline to roll out the new tax regime.
Briefing reporters in New Delhi toady after the GST Council meet, Jaitley said, the entire taxation base in the GST system will be shared between the assessment machinery of States and Centre.
Detailing further, he said in case of assesses with GST turnover of Rs 1.5 crore or less, 90 per cent will be assessed by States and 10 per cent by administrative setup of the Centre. He said, GST turnover of above Rs 1.5 crore will be assessed in the ratio of 50:50 by States and Centre.
Finance minister also said states will be empowered to collect tax on any economic activity in marine region. He said, territorial waters come under jurisdiction of the Centre, but States will be empowered to levy and impose tax on their economic activities.
Jaitley said, the next GST Council meeting will be held on 18th of next month to approve drafts of supplementary legislation including IGST.
