GST :- The Intricacies and Hurdles

GOODS and Service Tax (GST) has been one of the most awaited and talked about piece of tax reforms that the country expects. The Union Finance Minister in his Budget ’12 speech on the floor of the House expressed that the GST network is scheduled to be made operational by Oct, 2012. The same and erstwhile April, 2010 deadline went for a toss due to several hurdles. The Constitutional Amendment Bill was introduced in Lok Sabha on 22nd March, 2011. It lays necessary foundation for implementation of GST. There are several hurdles that are being faced and resistance that prevents GST to take the centre-stage. Due to this, GST still hangs on the hinges!