GST network to start in August

BANGALORE, INDIA: Presenting Union Budget 2012, finance minister Pranab Mukherjee said: "GST will be implemented in August 2012. There will be a shared platform for registration and returns filing across all states. It's necessary to take some hard decisions. Some subsidies are invetible.

For the introduction of Goods and Services Tax, the government has set up an Empowered Group headed by Nandan Nilekani, Chairman, Unique Identification Authority of India (UIDAI)

The National Securities Depository Limited (NSDL) has been selected as technology partner for incubating the National Information Utility that will establish and operate the IT backbone for the GST.

GST to be operational by August

 Budget highlights

1.FY12-13 GDP expected to grow 6.9pc

2. Expect inflation to come down shortly

3. FY 13 Focus on domestic demand

4. Nandan Nilekani's recommendation to improve technology in food subsidy accepted

5. Govt to retain 51 pc in PSUs

6. Tax relief for retail

7. Rs 15888 crore allocated for banks

8. Considering 49 pc FDI in airlines

9. FY 13 divestment target Rs 30000 crore

10. GST network to start in August

11. To present new micro Finance Bill

12. Slowdown attributed to slow industrial growth.

13. DTC implementation defereed

14. Companies initiating IPO for Rs 10 cr or more, will be in electronic form