IT Backbone for GST is ready - FM

By Vijay Kumar

THE Finance Minister Arun Jaitley said yesterday,

"The day it (GST) is discussed and put to vote in the Rajya Sabha, I have not the least doubt that it will be approved. I am reasonably confident as we have the numbers on our side. In fact, elections like Bihar won't adversely impact GST. Because I have calculated the best beneficiary of GST is going to be Bihar as it is a completely consuming State and does not produce any industrial products. Therefore, Bihar does not have anything to lose.

Consuming States benefit from a destination tax. And, therefore, for all the MPs from Bihar who say they don't support GST…it doesn't really make any sense. The JD(U) and Nitish Kumar have supported it in the past. I have not the least doubt that they are going to support it even now. The only point now is that Parliament has to discuss this issue and put it to vote. Once it is put into vote I have all the three supporting legislation drafts ready. The IT backbone for GST is absolutely ready. (This must be what his babus told him) Now, as I speak to you in the month of November your question is will I be able to hit the April deadline. I don't know when it will be passed. But GST is not an income tax. So it doesn't have to wait for April 1."