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The Goods and Services Tax (GST) Council failed to reach a consensus on critical issues, including the laws that need to be passed in the winter session in order to stick to the April 1, 2017 rollout date set by the Centre. With the pending legislations, including the draft model GST law, as well as the contentious issue of dual administrative control over assesses between the Centre and the States remaining unresolved, the GST Council would now meet on December 11 and 12. While the effect of demonetization on the economy and on the states is outside the purview of the GST Council, Mr. Jaitley said that, on the behest of the state representatives, he wrapped up the Council meeting early and allowed the states to voice their grievances on demonetization. Some of the states, the minister said, suggested an increase in the Fiscal Responsibility and Budget Management targets while others called for a relaxation of the ways and means limits. “Our target is still April 1, and our options are anyway limited,” Mr. Jaitley said. “The earliest we can bring it in is April 1 and the latest is September 16, which is five months and 15 days later.” “I am happy that all the states raised their voices on demonetization,”

West Bengal Finance Minister Amit Mitra told reporters following the meeting. “Because revenue will be affected, all states are deeply concerned about compensation since earlier compensation was based on the single issue of GST. Now there is the dual issue of GST and demonetisation.” Earlier in the day, Kerala Finance Minister Thomas Isaac said that demonetization would result in a fall in production worth Rs. 2.5 lakh crore, adding that the cash crunch would also impact state revenue. “Tax collection can be 50 per cent lower this month as there is no business in Delhi markets,” Manish Sisodia, Deputy Chief Minister of Delhi tweeted on Saturday. “If so, it would be hard to pay salaries of govt employees… same concern is being expressed by many state FMs in the GST council in the presence of Finance Minister.” “One would hope that there would be headway in the next Council meeting. It looks increasingly difficult to get the GST laws passed in the winter session of the Parliament.

And if that doesn’t happen, then April 1 looks unlikely,” said Pratik Jain, partner and leader (indirect tax) at PwC India, stressing that this is a disappointing outcome for industry. “We went over the central GST and state GST draft legislation clause by clause,” the finance minister said. “Nine chapters in each of the legislations were discussed. We are moving towards a consensus on the laws. We will discuss them further on December 11 and 12.”