GST Draft law

As stated above, it seems to be difficult to implement GST w.e.f. 1st April 2017, since Draft Law could not be converted into the Law and thereafter Industry needs min 2-3 months for studying the provisions and implementing the same. However, in accordance with Constitution 101st Amendment Act, 2016, GST will have to be implemented prior to 16th September 2017 and therefore GST will be implemented not later by 1st Sept 2017, but it will create more hardships to trade and industries to start mind-way and face the
issues arising from transitional provisions and also prepare the two sets of accounts prior to 1st Sept 2017 and thereafter. It will be better for industry, if GST is implemented from the start of second quarter i.e. 1st July 2017, so that quarterly accounts are prepared by most of the industries and there will be less hurdles,
if it is implemented w.e.f. 1st July 2017 rather than 1st Sept 2017.

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