GST to be implemented by July 1

Economic Affairs Secretary Shaktikanta Das said Goods and Services Tax (GST) will be rolled out by July 1 as all states have agreed.

Earlier, there was a stalemate between the Centre and states, which has been resolved now. Finance Minister Arun Jaitley had said GST would ensure much larger revenues as far as states and the central government are concerned and expand the size as far as the formal economy is concerned.

Jaitley had said the new indirect tax regime would make India one single market, eliminate multiple assessments, check evasion and bring more revenues into the system.