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Anticipated Goods and Service Tax (GST) bill has gone through with lots of ups and down, until its suggestion to its current form now, a single tax for a number of taxes. As per a top official source, The Hindu revealed that GST rolled out could pushed by 2017 and GST needed a Constitution (122nd) Amendment Bill to become reality and in the remainder of the current session of Rajya Sabha, it’s seems impossible.
The National Association of Manufacturers, largest manufacturing association in United States, with an aim to increase investment and grow themselves in the Indian manufacturing market, sent an urgent request to the Obama administration to remove the obstruction from the trade and taxation in the Indian economy.
From last some years, the lawsuits regarding the Service tax have increased due to absence of India’s most crucial taxation regime- Goods and Service Tax (GST). The GST Bill will remove several indirect taxes like service tax, VAT etc and it will create a single market for one dozen levies states.
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 Indian Prime Minister, Narendra Modi took a move to the Opposition on Feb 16, 2016 regarding the passage the GST Bill in the upper house of Parliament. In the meeting, the PM expressed his words in the presence of floor leaders of all major parties in the both houses of of Parliament. He said that the ruling BJP was ready to discuss in the Parliament “each and every issue”, which the Opposition wanted. But on the condition that they do not disturb in the Parliament.
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.
The Indian Finance Minister Mr. Arun Jaitley said, the government will roll-out new taxation regime, GST by just making “certainly” double efforts in 2016 and he is in “continuous touch” with opposition party to coax them to cooperate.
Infosys Limited is an Indian multinational corporation, which earlier won a government contract of a landmark INR 1,380-crores to build GST network software that will be used for the proposed Goods and Services Tax in our nation. As per the sources, the IT major firm is developing GST software despite delay the bill.
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.
