New Delhi: If anyone would trust on the comments made by the Union Finance Minister- Arun Jaitley, then it is confirmed that Goods and Service Tax- GST, which is the biggest tax reform of the country, is likely to be implemented sooner than expected. The said comments were released from the Finance Minister- Jaitley while he was attending a meeting of finance minister of twenty- two states in the Kolkata.
It is notable that, as per Minister- Jaitley, except the State of Tamil Nadu, all the other states have shown their consent on the broader contours of GST. Moreover, that meeting also had agreed, reportedly, that there should be Empowered Committee for dealing with the issues of dual control and revenue neutral rate. And also that meeting agreed to the effect that there should be no cap for GST rate in the Bill.
Moreover, it is also reportedly shown that the coming model law on the said GST which is brought in public by the Central government, is having clearly shown that all the e- comer transactions will be attracting GST and that as such there will be collection of tax by service operator, soon the supplier will be receiving payment.