What is GST?
Goods and Services Tax (GST) is an indirect tax reform which aims to remove tax barriers between states and create a single market. For that to happen the constitution first needs to be amended to remove different layers of governments' exclusive powers to levy taxes.
The Rajya Sabha today overwhelmingly passed the 122nd Constitution Amendment Bill to facilitate rollout of the
Goods and Services Tax (GST) in the country with 203 votes in favour and none against, after a seven-hour debate during which a rare bonhomie was witnessed among the ruling and the opposition parties.
The GST Bill is aimed at bringing uniform tax regime in the country by subsuming state levies. Under it, a single rate of GST will replace Central Excise, State VAT, entertainment, entry and luxury taxes to ensure seamless transfer of goods and services.
WHAT NEXT!!!!
Now, the Bill will again go to the Lok Sabha and then ratified by at least 50 per cent of the states Legislative Assemblies, to become a law.
WHAT OUR FINANCIAL MINISTER SAY ABOUT IT!!
Replying to over six hour long debate on the Bill, Finance Minister Arun Jaitley said the government will try for the most reasonable rate for GST.
He said with GST, system will become more efficient and there will be no tax on tax and evasion will become more difficult. He also dismissed the apprehension of members that Centre will have veto power in the proposed GST Council saying it would have only one third weightage in it.
It would herald one-market one-nation!!
OBSTACLE WHICH CAME TODAY!!
The AIADMK was the only party to oppose the measure and its members staged a walkout ahead of voting.
As GST has gone through so many struggles and obstacles, like GST has finally passed with the amendment in the constitution, struggle being part of life never go wasted.
Read more: http://www.bankersadda.com/2016/08/gst-biggest-reform-of-our-life-is-here.html#ixzz4GKxi9hkn
Goods and Services Tax (GST) is an indirect tax reform which aims to remove tax barriers between states and create a single market. For that to happen the constitution first needs to be amended to remove different layers of governments' exclusive powers to levy taxes.
The Rajya Sabha today overwhelmingly passed the 122nd Constitution Amendment Bill to facilitate rollout of the
Goods and Services Tax (GST) in the country with 203 votes in favour and none against, after a seven-hour debate during which a rare bonhomie was witnessed among the ruling and the opposition parties.
The GST Bill is aimed at bringing uniform tax regime in the country by subsuming state levies. Under it, a single rate of GST will replace Central Excise, State VAT, entertainment, entry and luxury taxes to ensure seamless transfer of goods and services.
WHAT NEXT!!!!
Now, the Bill will again go to the Lok Sabha and then ratified by at least 50 per cent of the states Legislative Assemblies, to become a law.
WHAT OUR FINANCIAL MINISTER SAY ABOUT IT!!
Replying to over six hour long debate on the Bill, Finance Minister Arun Jaitley said the government will try for the most reasonable rate for GST.
He said with GST, system will become more efficient and there will be no tax on tax and evasion will become more difficult. He also dismissed the apprehension of members that Centre will have veto power in the proposed GST Council saying it would have only one third weightage in it.
It would herald one-market one-nation!!
OBSTACLE WHICH CAME TODAY!!
The AIADMK was the only party to oppose the measure and its members staged a walkout ahead of voting.
As GST has gone through so many struggles and obstacles, like GST has finally passed with the amendment in the constitution, struggle being part of life never go wasted.
Read more: http://www.bankersadda.com/2016/08/gst-biggest-reform-of-our-life-is-here.html#ixzz4GKxi9hkn
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