India’s biggest tax reform has taken place by the introduction of GST. With the idea of ‘One Nation One Tax,’ the tax is warmly welcomed by the majority.
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India’s biggest tax reform has taken place by the introduction of GST. With the idea of ‘One Nation One Tax,’ the tax is warmly welcomed by the majority.
As seen from very long, the GST Debate is going well with enormous talks going again and again in parliament, Lok Sabha, Rajya Sabha and where is needed to reform the taxation scheme currently prevailing in India. Till today, Indian business units are running with basic indirect tax scheme which includes various steps and channel gates by which a tax payer has to undergo.
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.