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According to the Election Commission, the Biennial elections will be held on March 21, 2016 for 13 Rajya Sabha seats in six states. Therefore, the ruling BJP hopes that we will achieve enough seats in the Rajya Sabha in upcoming election to roll-out the Goods and Services Tax (GST) Bill.
Biggest indirect tax regime of india, the Goods and Services Tax (GST) is on its way to be adapted worldwide. After its inception, the present tax structure (Sales and Service Tax) will be replaced by the same. The need for GST in India is not only necessary to get rid from the troublesome current scheme of indirect taxes, but principally for reducing a huge number of exemptions, multiple rates and upgrading the tax compliances. Here we are going to put focus on some of the fundamental differences between the two and why the former is very prominent to be introduced soon.
The GST empowered committee of state finance ministers has selected a name, Dr. Amit Mitra as a new chairman of the committee. He is a West Bengal Finance Minister also. Moreover, the post of chairman was empty since November, 2015 as the Kerala Finance Minister KM Mani had left the post in November due to corruption charges.
Introduced the Goods and Services Tax Bill in Dec 19, 2014, since, it is being rubbed between the politics’s quarreles. Now, the Road Transport Minister, Mr. Nitin Gadkari said that the main opposition party, Congress do not want to back the Constitution Amendment bill, they will be isolated. Our party is hopeful about the passage of the GST Bill.
These types of taxes paid on Consumption by the consumer but they do not pay directly to the government (unlike income tax). For example, We pay VAT and other taxes on purchasing a product.
What is Direct Tax? These types of taxes are directly paid to the government of India. Government levies a direct charge on the entity or an individual which has to be borne directly by the individual/entity. Direct taxes include several taxes such as income tax, TDS etc. Types of Direct Taxes in India There are […]
The Goods and Services Tax bill is stuck amidst the ongoing war between the government and the Congress. In words of Congress Vice President Rahul Gandhi “The Congress party will support the GST bill openly in the Rajya Sabha if the Government agrees to its conditions.” As per Rahul Gandhi, it will take only 15 minutes for Congress to stand in full support along with the BJP who is a minority in Rajya Sabha.
Recently, the Indian Prime Minister Narendra Modi said about the opposition party that we hope the Congress should be to not disrupt the Parliament in this year. In return, the Congress took a dig at the NDA saying our party did not disrupt Parliament and the BJP’s “stubborn attitude” was behind the deadlock over the GST Bill.
The Goods and Services Tax has proven as trending point of the country. After over the winter session, political interference is being seen on the GST yet. Now the Indian FM Arun Jaitley told the reports that the bill will be rolled out on in next session as the opposition party is “shrinking” their majority votes in the Rajya Sabha of Parliament.
