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Finance Minister approves the formation of 2 Committees for facilitating implementation of Goods and Services Tax from 1.4.2016.
June, 19th 2015
                         PRESS INFORMATION BUREAU
                           GOVERNMENT OF INDIA

Finance Minister approves the formation of 2 Committees for facilitating
implementation of Goods and Services Tax from 1.4.2016.


                                                             New Delhi, June 17, 2015
                                                                   Jyaistha 27, 1937

Finance Minister has approved the formation of 2 Committees for facilitating
implementation of Goods and Services Tax from 1.4.2016.

A Steering Committee been formed under the Co-Chairmanship of Additional
Secretary, Department of Revenue and Member Secretary, Empowered Committee
of State Finance Ministers. This Committee has Members from Department of
Revenue, Central Board of Excise & Customs, Goods and Services Tax Network
(GSTN) and representatives of State Governments. This Committee shall monitor
the progress of IT preparedness of GSTN/CBEC/Tax authorities, finalisation of
reports of all the Sub-Committees constituted on different aspects relating to the
mechanics of GST and drafting of CGST, IGST and SGST laws/rules.                The
Committee shall also monitor the progress on consultations with various
stakeholders like trade and industry and training of officers.




Another Committee has been formed under the Chairmanship of the Chief
Economic Advisor, Ministry of Finance to recommend possible tax rates under
GST that would be consistent with the present level of revenue collection of Centre
and States. While making recommendations, this Committee would take into
account expected levels of growth of economy, different levels of compliance and
broadening of tax base under GST. The Committee would also analyse the Sector-
wise and State-wise impact of GST on the economy. The Committee is expected
to give its report within two months.

Meanwhile, progress is underway to finalise various aspects of GST design like
business processes, payment systems, matters relating to dual control, threshold,
exemptions, place of supply rules and also making of model GST, SGST and IGST
laws and rules. This task is being undertaken through various Sub-Committees
formed by the Empowered Committee which has officers from Government of
India as well as State Governments as Members.




Goods and Services Tax Network (GSTN) is taking steps for preparing the IT
infrastructure for roll out of GST.     The IT infrastructure shall enable online
registration, filing of returns and getting refunds. Various State Governments are
also preparing the necessary back end IT infrastructure for implementation of GST
which shall relate to aspects like assessments and audit.

Periodic reviews are being held in the Department of Revenue to monitor the
progress of all the above activities.

                                  **********

 
 
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