According to media reports, the Modi government is stepping up efforts and leaving no stone unturned as it seeks to get India's biggest tax reform yet i.e. the much anticipated Goods and Services Tax (GST) implanted from April 1, 2017, paving the way for greater tax transparency, simplicity and efficiency, bolstering the outlook for Asia's third biggest economy.
The country's President, had earlier this month given his go-ahead to the Constitution (122nd Amendment) Bill for introducing the indirect tax regime in the country, while the same has been notified as the Constitution (101st Amendment) Act, 2016.
GST which will create a single market for goods and services in India, could add as much as 2 per cent to the country's annual Gross Domestic Product (GDP), according to economic experts.
"GST is the biggest game changer. But it is also a challenge. We are working overtime to make it happen from April 1, 2017," Cabinet Secretary PK Sinha said at the Chief Secretaries' Conclave organised by industry chamber PHDCCI.
The government is keen to get the GST implemented on time to make sure that there is a smooth rollover to the transformed tax structure from the start of the new fiscal year, and to prevent any mid-year alterations.