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The chief committee of government, CEA-led has given a suggestion to the Centre to set the Goods and Services Tax (GST) rate around 17-18 Percent. The committee also believes that this rate is suitable for every one and will help to boost the chances of common agreement on the vital reform. This rate meets all requirements of constitutional amendment bill, therefore there are many chances for the bill to be passed in current winter session.
The time of winter session, a lot of clamor is going on in parliament regarding the important regime GST. The opposition parties have their own demand on GST and have created difficult situations for the BJP government to roll-out the Bill on its deadline. Between hubbub of parliament, the Indian government may take decision towards the much-awaited crucial reform-Goods and Service Tax. The government may scrap 1% inter-state tax as the main opposition party-Congress wants to remove this addition tax. If the government accepts this demand of opposition then the Bill will be passed on 1st April, 2016, otherwise it may be missed-out from its deadline.
GST Stands for Good and Services Tax that is a vital regime of India. It is the biggest indirect tax reform since independence. It would be levied when a consumer will buy a good and service.
There are a lot of rumors regarding India’s biggest reform system GST. The Winter Session has been started from yesterday. The meeting of all-party held in the parliament on 26th November, 2015 to discuss on the GST panel. The Central government has claimed that 30 of 32 parties are favoring the new vital economic regime. Therefore, government is more confident about the passing of the Bill in this session of Parliament.
The most important reform will be delayed due to political interruptions as per CFOs of India. According the Yes Bank survey, around three fourths of CFOs have told that the crucial Goods and Services tax might be levied by next fiscal.
Finance Minister of India, Mr. Arun Jaitley Said that he is ready to talk with Congress party’s any member in case of GST Bill that stuck due to Congress resistance. He expressed his willingness that he wants to talk with Vice-President of Indian National Congress, Mr. Rahul Gandhi in terms of the GST Bill that passed by Parliament for two decades.
Shipping industry under GST regime has suffered a lot and to understand this we may further try to reach the reason. GST has given many positive results but just at International level while domestic ones have not witnessed any advantage.
The Union Cabinet gave its consent for establishing a National Anti-Profiteering Authority under GST regime as it wants to make sure that the benefits of slashed prices under GST regime reach to common men.
For opposing new GST Regime, a Public Interest Litigation (PIL) has been filed in the Bombay High Court. Dr K. S Pilai, a 63-year-old retired professor from the King Edward Memorial Hospital from Parel has filed a petition and alleged that the government is hurrying in implementing new indirect taxation structure in India. The hearing of the case will be held on 29th June.
