New GST Regime Comes into Effect from July 1: Arun Jaitley

New GST Regime Comes into Effect from July 1: Arun Jaitley
New GST Regime Comes into Effect from July 1: Arun Jaitley

Inaugurating the National Academy of Customs, Indirect Taxes and Narcotics (NACIN) Campus in the Bengaluru today, the Finance Minister of India Arun Jaitley (pictured above) said that Indirect Taxation regime in the country will play a key role and is undergoing a vital change.

He said that the present multiple taxation system is transformed into the Goods and Services Tax (GST) and all the taxes are amalgamated.

The Finance Minister also said that the new GST regime will come into effect from July 1, 2017. GST is an efficient tax system which not only checks tax evasion but it will also help evolving India become a strong society.

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Jaitley said that the new Indirect Tax is a product of federal India, adding that the Centre and the States will jointly administer and decide the taxes.

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Jaitley suggested that coordination between taxation authority of Centre and States is also important. He said that the tax training academy NACIN, which has come up in Bengaluru to impart training to officers of Central and State Governments and PSUs has to play a vital role.

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Rakesh Raman