Govt aims at GST rollout by April 2011

The Centre said it will persuade states to reach a consensus on the Goods and Services Tax so that it can be implemented from April 1 next year. "It shall be the endeavour of the Government of India to persuade the state governments and the empowered committee of state finance ministers to reach a consensus so that the GST can be introduced with effect from April 1, 2011," Minister of State for Finance S S Palanimanickam informed the Lok Sabha in a written reply. He said the implications of the goods and services tax, which will replace most of the indirect taxes at the central and the state level, can be assessed only after the basic design is finalised. A joint working group comprising officers of the central government, state governments and the Empowered Committee of States Finance Ministers has been constituted to prepare the draft of the constitutional amendments, central GST legislation, model state GST legislation and related rules. GST implementation has been deferred from its earlier date of April 1, 2010. Empowered Committee of state finance ministers (EC) has prepared and released the first discussion paper on the Goods and Services Tax in India in November 2009. – www.financialexpress.com