Union minister Arun Jaitley said GST implementation will meet the April 1 deadline.
Union minister Arun Jaitley today said most of the issues in the Implementation of Goods and Services have been sorted out and he is hopeful that they will meet the April 1, 2017.
"Most issues have been sorted out. The issues that remain are cross empowerment (the contentious issue of empowering the Centre and states) and dual control... the rest of the draft of supporting GST laws has been approved," Mr Jaitley said.
The issue of IGST, the integrated GST law that deals with taxing inter-state movement of goods and services, and dual control - the current system of imposition of tax both by the Centre and the states on assesses in areas like entertainment - will be discussed on January 3 and 4, he said.
Currently, the law doesn't provide for an important role for the states in enforcing it.
The legally vetted draft of law for compensation to states and the central Goods and service tax are to be placed before GST Council, before a final decision is taken the finance minister said.
The constitution had been amended for the of introduction of the government's Goods and Services Tax, but there has been no consensus on these issues in the earlier meetings of the GST council. So far, seven meetings of the council has been held.
The subsequent GST bills, which would have sorted out the contentious issues, could not be introduced in the winter session of parliament. The constitutional amendment makes it mandatory for the new indirect tax regime to be in place by September 16, 2017.
The compensation law, which will ensure timely payment of compensation to states for revenue lost because of the implementation of GST, will have to be approved by parliament, Mr Jaitley today said. The basic draft has been accepted.