At the last, one can sure this fact that Lok sabha has cleared the much-anticipated bills to ensure the smooth road for the nation’s called taxation regime, the goods and service tax after 8 hours of long debate in the house. All the four bills which were due for their clarification were taken on the front by the opposition. All the bills namely Central goods and service tax, Compensation GST bill, Integrated GST bill and the UTGST have to find the way towards the roll out of GST as the historic tax scheme is now one step closer to the reality.
After the sessions, the finance minister Arun Jaitley mixed up with the media and gave some of the very highly sensitized statement such as, “With Lok Sabha having approved all 4 laws that Centre is supposed to legislate through Parliament, I think significant step forward has been taken. We are virtually seeing history in the making because we are now going to be transforming into a new system of indirect taxation.”
In his earlier sessions which elongated seven hours in a row, he assured the fact again that the goods may become slightly cheaper after the implementation of the goods and service tax in India. As the minister in chief mentioned that after the introduction of GST, a lot of entry tax currently prevailing in the country will be gone as he himself said, “Once all other taxes are removed, goods will become slightly cheaper.”
As a concerned factor, both the state and centrally situated government are in their efforts to put the GST in the application, but the difference always prevailed in the countries operational tax regime in which economic status was considered unlikely with states churning different taxes. The minister added that “India remained a different economic entity. Trucks could be seen waiting outside state border, there was no free flow of goods.” The goods and service tax is said to be highly clarified tax regime and has the potential to take the GDP of the country to a plus 2 after its roll out.
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