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

  1. The Finance Minister re-iterated that the government will stick to its goods and services tax (GST) rollout date of July 1, 2017.

  2. As part of budget speech, it was mentioned that GST Council has finalized its recommendations on most issues based on consensus

  3. Preparation of IT system for GST is on schedule

  4. Starting April 1, 2017, extensive reach-out efforts to trade and industry for GST will be made

  5. 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.

  6. Finance minister mentioned that GST implementation will bring more taxes to the Centre and the states due to widening of tax net.

  7. No changes will be made to excise and services tax as they will be replaced by GST soon.

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