GST Budget 2017-18 Updates
India's finance minister Arun Jaitely presented union budget on Feb 1, 2017 for financial year 2017-18. Given the upcoming rollout on July 1, 2017, lot of people were looking for updates on GST as part of budget. Here is a quick summary of GST updates mentioned in Budget 2017-2018.
GST updates during Budget 2017-18
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The Finance Minister re-iterated that the government will stick to its goods and services tax (GST) rollout date of July 1, 2017.
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As part of budget speech, it was mentioned that GST Council has finalized its recommendations on most issues based on consensus
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Preparation of IT system for GST is on schedule
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Starting April 1, 2017, extensive reach-out efforts to trade and industry for GST will be made
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The GST Council has agreed to a 4-tier tax structure of 5, 12, 18 and 28 percent. An additional cess would be levied by the Centre on luxury goods and harmful products like tobacco.
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Finance minister mentioned that GST implementation will bring more taxes to the Centre and the states due to widening of tax net.
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No changes will be made to excise and services tax as they will be replaced by GST soon.