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.
If everything turns well, the government is planning to implement this New Tax reform from April 1, next year. This probability was also confirmed by CII director general Chandrajit Banerjee, as he told that, “With the passage of the bill, it is expected that implementation of GST with effect from April 1, 2017, will become a reality,”And apart from the implementation timeline, he also added, “GST will bring in much-needed transparency and higher investments in the coming years and we hope that a few percentage points to India’s GDP will be added through higher tax revenue and investments,”
With the mesmerizing fact of GST, it is said to be the biggest economic reform since 1991, and has the capacity to turn the nation into a big single market by swiping all the indirect state and local taxes from the structure.
Note that, the bill has been ratified by atleast 16 states within the 30 days of period after getting passed from the parliament.
Read Also: Next Procedure on GST Bill after Approval in Rajya Sabha
With a surprising turn, all the 443 members present at the Lok Sabha voted in the favour of the Bill, while the AIADMK was completely negative at the session and walked out while the voting process was going on, showing A Big NO towards the said Bill.
Lets see who all important personalities said about the GST Bill on its arrival, first of all starting with the Prime Minister Narendra Modi. He was seen very positive towards the GST Bill and was fully supporting throughout his conversations and speech.
Modi said GST was “crucial” for ending tax terrorism besides reducing corruption and black money. The GST will make consumer the “king”. Infact he tweeted the same later regarding this crucial Bill, “A memorable day for our democracy. Today we have taken a historic step in the journey to free the nation from the menace of tax terrorism,”
“GST will benefit the consumer and small business, which are our nation’s strength. Due to GST transparency will be enhanced. Its a win-win, I thank all political parties, as also state governments run by different parties. We are taking such a decision … we have reached here after churning in Lok Sabha, Rajya Sabha, 29 states, their representatives and 90 parties. We are putting a stamp on the final decision,” he added.
The congress vice president Rahul Gandhi also added some comment after the Lok Sabha finally passed the 122nd constitutional amendment bill, making way for the implementation of the GST, “I think it is a good step for the country,”
But also showed some basic and important points to watch out, “We had earlier three major differences on the GST. We worked out the differences. There is one issue which is the 18 per cent issue and we feel that it is a very important issue. Because we are worried about inflation resulting from no cap. So now that’s discussion (will be) in December,” he said.
As of now, the constitutional bill got passed with lot of discussions, and now the government will be coming with the CGST and IGST Bill in the upcoming winter sessions of parliament for working out the GST tax regime.
After these head talks, there are more people who take significant positions into the government departments and said various terms regarding GST.
“It will enhance production possibilities in manufacturing sector and expand the growth trajectory of services sector, attract large chunk of foreign investments and create millions of new employment opportunities in the economy,” PHD Chamber of Commerce president Mahesh Gupta said.
Ficci president Harshavardhan Neotia said, “It is expected that GST will lead to easy tax compliance and improve India’s competitiveness in the global arena. Implementation of GST will be a big incentive for bringing new investments into India and eventually will foster the growth of the Indian economy,”
After this momentary decision, the rage has been increased and now there will be lot of speculations regarding as of what true benefits will this GST Bill comes along with. But as of now, it is moreover expected that this will result in increasing government revenues and solid tax compliance.
