Finance Minister Pranab Mukherjee said the government may miss the Ist April 2010 deadline set for the roll-out of the new tax regime GST. Inaugurating the 109th annual general meeting of the Bharat Chamber of Commerce in Kolkata, the Finance Minister said that the committee headed by West Bengal Finance Minister Asim Dasgupta is trying hard for consensus among the all 28 states. Finance Ministry is also working and contributing together but it may not be possible to introduce GST within deadline.<br/>Citing lack of preparedness, a task force constituted by the 13th Finance Commission had also recently said that implementation of the GST should be postponed by six months.<br/><br/>The goods and services tax would do away with most of the indirect tax levies like excise and service tax at the Centre and Octroi and VAT at state-level. The Empowered Committee of State Finance Ministers last month had released a draft discussion paper on GST. The Committee will meet Mukherjee on January 7 to sort out the constitutional and administrative issues related to the introduction of GST.<br/>
News On AIR | December 25, 2009 9:56 AM
New tax regime GST may miss deadline