Business Today

Economy in numbers

Budget 2015: Goods and Services Tax planned from April 2016, says FM

"We are committed to implementing a state of the art indirect tax system, the Goods and Services Tax, from April 1, 2016," Jaitley told the Lok Sabha.

Goods and Services Tax planned from April 2016: Jaitley

Displaying the government's intent on implementing a new indirect tax regime for India, Finance Minister Arun Jaitley on Saturday announced that the proposed Goods and Services Tax (GST) Bill will be implemented from April next year.

"We are committed to implementing a state of the art indirect tax system, the Goods and Services Tax, from April 1, 2016," Jaitley told the Lok Sabha while presenting the NDA government's first full Budget.

UNION BUDGET 2015-16:Live Blog | Full Coverage

GST, by subsuming a large number of central and state taxes into a single tax, would mitigate cascading, or double, taxation in a major way and pave the way for a common national market.

Get latest news & live updates on the go on your phone with our News App. Download The Business Today news app on your device