GST to be reality in 2017, from September if not April: UBS

The Economic Times By PTI Nov 03, 2016, 04.12 PM IST

NEW DELHI: GST is likely to be a reality next year, if not from April then surely from September, a UBS report says.

The assessment is based on its meeting with policymakers, tax/logistics experts and retailers as part of its two-day GST trip to Mumbai and Delhi, which showed that most are convinced GST will be a reality in 2017 - if not from April, then surely from September.

According to the report, the proposed slabs of 6, 12, 18, 26 per cent will imply a uniform tax rate on a single product or service across India.

"Passage of this law during the Winter Session of Parliament remains key to 2017 implementation, in our view, rather than preparedness of ecosystem (corporates, tax officials, IT network)," UBS said, adding that its meetings with the government and Maharashtra state officials suggest that "preparedness and confidence remain high".

According to the report, bigger corporates have been preparing for GST, but smaller ones are not yet ready - "our discussions suggest three-month transition time".

UBS further noted that the mood was "euphoric and unanimous" about GST, but near-term hurdles were also widely accepted.

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