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GST (Goods and Service Tax), is a new tax regime for current taxation system of India. But the important issue is what impact will be done on Indian economy after GST became applicable in India? What is new in GST which will help to us for create a better Indian economy?
Big!! Big!!! Big!! the wait is over!! Now GST Act is not a dream for the companies. It will be implemented very soon. After passing bill in Rajya Sabha, the way of GST act became more easy and we can hope that this act will come in working very soon.
GST Bill passed in the Rajya sabha with 203 votes in favour, within the 243 member in house. The GST Bill will replace a raft of all sates and local taxes under a single unified value added tax system in order to make the nation a big single market. The power is in the hands of the centre to levy taxes such as excise and empower states to collect retail taxes.
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.
Even after almost a month of the launch of GST in India, people and businesses are still struggling to accept it completely. Let’s see how people from different areas are reacting to GST and what are their concerns.
More than 55% of the Rajya Sabha members supported the Government’s Goods and Services Tax legalization. Most of the Regional Parties like J Jayalalitha’s AIADMK and Mayawati’s BSP fully supported GST in parliament. Along with BJP’s 53 MPs, 55% of the strength of the total 243 MPs totally gave their support to the Bill account.
The former RBI Governor Mr. C Rangarajan told that the proposed 1 % extra tax on the sales of inter-state is contrary to roll-out the GST in the Parliament. He believes that this additional tax should be removed and not be implemented to the bill.
The ruling BJP is gearing up to take a next step towards the GST bill. In upcoming week, the government may meeting with Congress once again to discuss on the Constitution Amendment bill to roll out the GST in the Rajya Sabha Parliament (the bill already passed in Lok Sabha).
