Goods and Service Tax will be having a tough time to sail through the economic corridors as the prime minister is seeking different ways to wipe out all the black money from the country. The decision to demonetize all the high-value currency notes have taken a big hit over the hoarders who were building a set of conspicuous plans against the economy and its growth.
The parliament second winter session starting from Wednesday has three bills lined up into the queue for more approval and ratification while there are nine Bills for introduction and approval, 10 pending Bills for passing. Two Bills are listed for withdrawal.
Read Also: Levy and Collection of CGST and SGST
These bills would be representing CGST Bill 2016, to facilitate levy of tax on supply of goods or services, the Integrated GST Bill, 2016, to levy of tax on inter-state supply of goods or services and the GST (Compensation for Loss of Revenue) Bill, 2016, which will be considered for the revenue loss and their compensation to the states. All the GST related matters would be solved by November 24 as reported by the dedicated team.
