GST should have come much earlier: Finance Minister Arun Jaitley

New Delhi: Finance Minister Arun Jaitley has said that the roll-out of the Goods & Services Tax has already been delayed, and that it should have come much earlier. Jaitley was speaking at an event, addressing trainee officers of the Indian Revenue Service in New Delhi.

Finance Minister Arun Jaitley

He said that if the GST is implemented, it has the potential to raise the revenue and add up to the GDP. The government was banking on GST passage in the Parliament in the Winter Session, but it was unceremoniously held up by the opposition on the back of several factors, including a ED raid at P Chidambaram’s son’s office, a CBI raid at the New Delhi Chief Minister’s office, and so on.

Jaitley however, also said that the GST Council will be required to go in for a larger consensus on the Bill before any major decision is taken by it. He added that GST implementation will need largest consensus between political parties.

Still banking on the passage of the GST Bill, he said, “Next session is very crucial. I’ll continue to try and follow with the political parties and the states to get GST through.

Jaitley said that big consumer states are expected to benefit the most if GST is implemented, as it is a transaction tax.