Goods and Services Bill: Centre to take suggetsions from ICAI on GST laws

The discussion on Goods and Services Bill has started in the parliament and the states differ on the matter of division of control of administration between the centre and states. The GST bill is supposed to be implemented from September 16, 2016, after which the Finance Minister Arun Jaitley says it would be difficult to implement the bill.

ICAI to submit suggestions to govt by Jan 5 on Goods and Services Bill

The next session of parliament will discuss the effects of demonetisation on the revenue of the states. The GST bill is facing opposition from Kerala and West Bengal ministers who state that it is an inappropriate time for the implementation of the bill since the economy hasn’t gotten out of the jolt it has suffered due to demonetisation.

“It is possible if a compromise is reached over the administrative aspects of the GST. What stands between a consensus on GST and moving the law in Parliament is only the intransigent view of the Union government regarding tax administration. I’m unhappy that after travelling this long road together, we had this split.”

-Kerala CM Thomas Isaac

The Institute of Chartered Accountants of India (ICAI) will be submitting its suggestions on the revised GST bill by January 5, 2017, as said by Chairman Madhukar Hiregange. He further said that over 300 suggestions have already been submitted by the group of the chartered accountants. After the government considers its suggestions, a meeting will be held between the ICAI officials and the government.

Training arrangements for the officials have already been made which is slated in May 2017. Learned tutors will be recruited and the applications have been invited for the same from across the country.

Hirenge said that January 2017 will be observed as ‘GST month’; timely videos of the sessions will also be broadcasted on the official website on GST updates.