Economy

FinMin to assess GST roll-out plan after Parliament session

Surabhi New Delhi | Updated on January 22, 2018 Published on December 15, 2015

Hasmukh Adhia, Revenue Secretary

gst

Tax regime introduction may be delayed

The government is likely to take a call on the roll out of the Goods and Services Tax once the Winter Session adjourns on December 23.

“The Finance Minister will assess the situation and take a call on GST after the Parliament session,” Revenue Secretary Hasmukh Adhia said on Tuesday, while declining to comment on whether the deadline for the tax regime will be extended.

The Centre wants to introduce GST from April 1, 2016 but it is expected to be delayed as the Constitution Amendment Bill for the tax is yet to be cleared by the Rajya Sabha.

At an Assocham event earlier in the day, Rashmi Verma, Special Secretary, Department of Revenue, Ministry of Finance said “The draft GST law will take another month and then we will put it out in public domain for a process of consultation.”

Tax collections

Sharing the tax collections numbers, Adhia said, net direct tax collections have risen by 12.63 per cent to ₹3.69 lakh crore between April and November, amounting to 46.26 per cent of the Budget target of ₹7.97 lakh crore for the current fiscal.

“There might be a marginal shortfall in direct tax collections of about ₹30,000-40,000 crore but I am optimistic as advance tax payments for the December and March instalment are yet to be factored in,” said Adhia.

Adhia said tax authorities will withdraw all appeals, except those involving a substantive question of law, after the Central Board of Direct Taxes enhanced the monetary limits for filing of appeals by the Department.

Published on December 15, 2015
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