SAG Infotech

Industry demanded 18 per cent GST rate as it finds that the April 2017 deadline is hard and will likely generate tax buoyancy without controlling inflation. Industry also demanded relaxation in the penal provisions. According to the sources, the Industry when holding meeting with the state finance ministers said that it is hard to meet the deadline in 2017 as they need sufficient time to develop the IT infrastructure.

The nation has seen the clearing of GST Bill with much more anticipation and the government was also seen in all support with this new tax regime. After all, the GST has something very special to provide for the citizen of India. The said bill is said to subsume all the current indirect tax prevailing in the country.

GST finally saw its day of light after Lok Sabha also agreed upon the tax scheme to be implemented in the nation. Most of the prominent parties, leaders and general public were seen satisfied with the tax regime as everyone hopes that the Goods and Service Tax will surely bring some prosperity to the economy and citizens.

The most talked bill, GST Bill (Goods and Service Tax) has finally got its position on the table of Lok Sabha. Just to recall, the GST Bill was presented to Rajya Sabha and was passed from there this Wednesday 3rd August 2016. And apart from this, Bhartiya Janata Party (BJP) is also concerned about the arrival of their MPs to get seated in the house while this Constitutional Bill gets discussed and to ensure that the Bill passes away smooth.

Since the independence, there was indeed a very deep requirement of a clear and smooth taxation scheme which would make India – a better nation and economy with its all round prosperity and everyone contributing for the same cause.

Finally, the snail paced GST Bill issue stood in line for consideration and passage in Rajya Sabha on Wednesday in the expectation that congress and all the big parties would give their shoulders to the deep impacting taxation scheme.

In Delhi, while delivering the first Dr. APJ Abdul Kalam Memorial Lecture at the India Islamic Cultural Centre, Mr. Arun Jaitley the Finance Minister of India pressed the slogan ‘One Nation, One Tax’ for the long-debated topic of GST i.e. Goods and Services Tax.