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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).
A much awaited tax reform agenda, Goods and Services Tax (GST) will be roll-out soon as the many political parties, politician and other high profile people are backing the Bill. In addition, other politicians also believe that this new taxation system will be good for the Indian economy.
The India’s biggest reform agenda, GST Bill is facing a lot of political challenges. Nowadays, a very much updates and news on GST are being seen in headlines of the newspaper. Today Minister of State for Finance, Mr Jayant Sinha told in the meeting that it seems to be challenging to implement the Goods and Services Tax on its deadline – April 1, 2016.
The biggest tax reform of our nation, Goods and Services Tax (GST) Bill has got the support of chairperson of Mahindra Group, Mr. Anand Mahindra. Backing the bill, Mr. Mahindra said today that if the GST will not be implemented in the Parliament then it will badly affect the country and also prevent to become a common market. He also told that the GST is a Brahmastra of India.
The finance ministry and empowered committee of state finance ministers have released a usual exempted items list including tea, coffee, biscuits and other medicines that have been exempted from excise duty.
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.
The Indian Finance Minister, Arun Jaitley held a meeting on Tuesday to make changes with the opposition party Congress. He believes that these demands can “damage” the new system compared to its benefits.
The Indian Government is willing to talk with the main opposition party-Congress for backing the Goods and Services Tax (GST). The Janta Dal (United) and Biju Janta Dal pushed the government to opt for a give-and-take conversion with the opposition on the GST Panel and finishing one per cent inter-state tax (CST).
