India got closer on Saturday to launch a new national sales tax from July, after a panel of federal and state finance officials finalized two key bills before Be submitted to the parliament
The Goods and Services Tax (GST) missed several launch dates. On Saturday, Finance Minister Arun Jaitley said the measure is on track for deployment starting July 1, with bills to be discussed in parliament after its return to next week
In order to meet the deadline, Parliament must pass the bills, which specify the operational details of the new tax, before its current session ends in mid-April.
After a meeting with state officials in New Delhi, Jaitley told the media that the group would reconvene on March 16 to complete two more GST bills that require " Approval of the state legislatures.
"This is a very welcome development and means we are on the road to the GST on July 1," said Mr. S. Mani, senior director of Deloitte Haskins & Sells LLP. "It is now essential that all businesses be sufficiently prepared to face the new era of the GST."