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.
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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.
Reportedly on Wednesday, the cabinet cleared the changes in the the GST Constitutional Amendment Bill. The changes made accompany 1 per cent drop in manufacturing tax and compensating the states that undergo any revenue loss in the first 5 years of the providing guarantee to compensate states for any revenue loss in the first five years of rollout of the proposed indirect tax regime.
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.
Finance Minister Arun Jaitley will be meeting the state finance ministers on Tuesday and thereafter the Government will be listing the delayed GST bill in the Rajya Sabha for further discussion. Jaitley will discuss the proposed amendments regarding the GST legislations passed by the Lok sabha with the state finance ministers.
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 two giants of their commune, Mr. Nitish kumar – Bihar Chief Minister & Janta Dal Chief along with Mr. Arun Jaitley – Union Finance Minister had a discussion over the hot topic of GST on which Bihar CM gives an encouragement. Since UPA government’s period, when JDU was a regional party it has supported tax reforms & Nitish backing up the GST is no amazement.
Chennai: Goods and Services Tax Bill is a strong yet simple platform in India, which can deal with the import/export of goods inside the state boundaries, said the industry body Assocham denoting GST as the ‘Brahmastra’ of the country.
The Monsoon session of the Parliament, beginning from the July 3rd week will witness some major proceedings. The cabinet committee will be deciding the actual schedule of the session.