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9th August 2016 Current Affairs Questions and Answers

9th August 2016 Current Affairs MCQs, Quiz, Questions : Current Affairs for August 2016 ,  Daily Multiple Choice Questions (MCQs) for In...

GST to be implemented from 1st July 2017

GST to be implemented from 1st July 2017 and next GST Council meeting will be held on 18th February 2017. Finance Minister Arun Jaitley announced that the roll-out of Goods and Services Tax (GST) has been deferred to July 1, 2017. Earlier, the government had targeted April 1 as the date of implementation. Jaitley said that the deadline of July 1 is more realistic and pragmatic as compared to April 1. “There was a broad view that July 1 appears to be a more realistic date to roll-out. Since it is a transactional tax, it could be implemented a bit later (after the beginning of fiscal year),” the Finance Minister said. Although the process to clear the roadblocks for GST has been pumped up, the next meeting of Finance Ministers would be held directly in February. “The next meeting between us is scheduled in February. The delay is because of most of the finance ministers are busy to prepare for the state budgets.”
Making another major announcement, Jaitley stated that States would be given the upper-hand for assessment of businesses with turnover of less than Rs 1.5 crores GST. “All assesses with GST turnover of Rs 1.5 crore or less, 90 per cent of them will be assessed by States and 10 per cent by the administrative machinery of Centre,” he said.