ST to be rolled out in next fiscal: Jaitley

04 August, New Delhi

Terming the unanimous passage of the Goods and Services Tax (GST) as historic and reflection of a matured Indian polity, Finance Minister Arun Jaitley Thursday said the Bill will be rolled out in the next fiscal year, which will simplify and subsume most of the indirect taxes, to enable ease of doing business and level playing field for all.

Addressing the media here, Jaitley said, ”We are going to make it as reasonably quick as possible and the date by which we are able to make it, will have to be seen. It is always good to set the target and try to meet them, rather than have no targets at all.”

The Minister said that doing business will become easier and cost of goods will go down in the long run.

”I’m sure once the GST is rolled out; doing business in India would be easier. It would help a large body of traders, business people and also the citizens. If we see in the long run, the tax rate would come down and if it comes down, it is natural that the cost of many things would be reduced. We will try to complete the road map as soon as possible and implement it then,” the Minister said.