Roll out GST anytime in FY18 if April 1 deadline is missed, say experts
"Rollout from April 1, 2017 is pretty tight due to dependencies such as passage of
SD Majumder, who retired as chairman of the Central Board of Excise and Customs (CBEC) in 2011, agrees that the tax can be rolled out anytime in the next fiscal. "This is a transaction-based tax unlike income tax, so it can come at any time of the year on the first day of the month," he said.
However, the CBEC is confident that it would meet the rollout deadline of April 1st 2017. "Constitutional amendment is a facilitating step towards GST...We will work on a tight timeline to see that we meet the rollout deadline... We are already in the process of putting in place the IT infrastructure," said CBEC Chairman Najib Shah.
The pending work involves the formation of a GST Council, reaching a consensus on complex matters such as tax rates, exemptions, threshold limits, and dual administration etc. The legislation will then need to be approved by Parliament and the states, and rules and procedures also need to be set before the implementation.
Processes would be crucial as multiple stakeholders are involved along with state and central tax authorities.