eScan's reaction to Union Budget 2010-2011
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-- There is a good and clear indication in the Budget 2010 that the GST is going to be a reality from 2011 onwards.The question as to whether the 2011 roll out of GST is practical or not is subjective, especially in a country like India, Involving so many state govts, with different value base, political outlooks, regional interests etc. The govt has already placed the draft GST document open to public scrutiny and comments for quite some time now. Further, CMs/finance ministers of all different states have held atleast seven meetings so far, to debate, highlight & sort out each state's issues/concerns on rolling out the GST as soon as possible. Despite all these, some of the States are still at a disagreement mode with the Centre on some ground or the other, giving a clear signal that implementing GST with a consensus from all the state participants are practically impossible, atleast in the near future.In this scenario however, from the language used in his Budget speech today, it appears that the FM is determined to bulldoze and get thru on the subject ( may be thru Central govt incentives or sharing of possible revenue losses with the State govts etc, etc ), in the committed one year time period again. And knowing Mr.Pranab Mukherjee, this approach is quite practical and hence the GST roll out too, from 2011 as promised in today's Budget- Govind Rammurthy, CEO & MD, eScan