The indirect tax regime that will subsume all other taxes is on the path to miss its initial deadline of April 1. Speaking to media persons, he said GST will replace a variety of consumption taxes and could be a âgame changerâ and help to boost Indiaâs competitiveness, investment and job creation.
Earlier, the GST Council had cleared certain provisions of key legislations at its 10th meeting. For final clearance, the Council will again take up model GST laws at its next meeting scheduled for March 4 and 5.
The draft bill over compensation to states too was cleared at the same meeting. The compensation law provides a formula for revenue sharing between the Centre and the states.
Jaitley said, âWe have resolved most critical issues. Legislations were drafted. Two weeks ago, the first draft has been cleared. By early March, the second draft will come up. Parliament will be summing-up the issue from March 9. Despite nascent problems, the GST, the biggest tax reform since Independence will serve to be an efficient tax system.â