Here’s why Arun Jaitley wants GST to be implemented from July 1

Finance Minister Arun Jaitley is not leaving any stone unturned to get the Goods and Services Tax (GST) Bill passed and implemented from July 1.

Jaitley said if the bill is not passed and GST is not rolled out from July 1, the Centre and the states will lose their right to collect indirect taxes after September 15.

Speaking in Rajya Sabha, Jaitley said the government is keen to roll out the GST on July 1 and other aspects like bringing petroleum and land under its ambit will be considered after the first year of implementation of the new system of indirect tax collection.

He said the GST Constitutional Amendment Bill does not provide for extension of the deadline beyond September 15 this year for transition to GST regime.

If Goods and Services Tax (GST) is not implemented by September 15, the government's legal entitlement for collection of taxes will end.

The Cabinet on Monday cleared the four GST related bills to enable roll out of the Goods and Services Tax from July 1.

The four bills are: the Central Goods and Services Tax Bill 2017, the Integrated Goods and Services Tax Bill 2017, the Union Territory Goods and Services Tax Bill 2017 and the Goods and Services Tax (Compensation to the States) Bill 20

He said these are a part of GST "but till all the states, the GST Council agree, we won't start imposing tax on these".

Till then, the states will continue to impose their own taxes.