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India moves closer to implementing its biggest indirect tax reform
India keeps moving closer to implementing its biggest and most awaited indirect tax reform namely Goods and Services Tax (GST).
While the political deadlock on select issues is keeping the official roll out date 1 April 2017 uncertain, the Government machinery is continuing to work unrelentingly towards putting requisite systems and processes in place. Also, publication of draft central and integrated GST laws with compliance related rules has enabled businesses to initiate transition planning. The existing tax regime is set to lapse in September 2017 as per amended Constitution of India. Therefore delay beyond September 2017 does not seem to be an option on the table. That said, keeping India Inc’s expectation of affording at least a three months’ lead time post notification of final laws, in perspective, the possibility of the go-live date being extended to July 2017 seems high.
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