Rajya Sabha clears GST Bill - one nation, one tax
04/08/2016 08:43
In a historic step forward on the road to tax reform, Rajya Sabha on Wednesday passed the constitutional amendment that will help usher the dream of unified tax structure in India in the form of goods & services tax (GST). By amalgamating a large number of Central and State taxes into a single tax, GST would mitigate cascading or double taxation in a major way and pave the way for a common national market. The Rajya Sabha on Wednesday cleared the Constitution (122nd Amendment) Bill, 2014, by majority with two-thirds members voted in fovour of the Bill after the government moved amendments in line with demands by opponents and the states. Now, the government has to pass the amended Bill in the Lok Sabha and also need to get approval from 50 per cent of state assemblies. It will then be approved by the President to rollout of the new tax regime. Terming this as a truly historic occasion, the Prime Minister, Narendra Modi has thanked the leaders and members of all the parties on the occasion of passage of the GST Bill in the Rajya Sabha. Calling GST as the best example of cooperative federalism, the PM in a series of tweets said that this reform will promote Make in India, help exports and thus boost boost employment while providing enhanced revenue. I would like to add that GST will also be the best example of cooperative federalism. Together we will take India to new heights of progress”, the Prime Minister tweeted. Finance Minister Arun Jaitley called it a “historic day“ for India and said he's optimistic about getting it in place by April 1 next year.
04/08/2016 08:43
