GST BILL ., Goods and Services Tax - GST

[SHIVKUMAR SHARMA]

Dear Readers,

Its a big day for all of us!!

Goods and Services Tax finally got the green signal to run on your life track.

After years of deliberation, the GST, touted as the biggest tax reform in Indian history since independence, has finally seen the light of day.


The Rajya Sabha today overwhelmingly passed the 122nd Constitution Amendment Bill to facilitate rollout of the Goods and Services Tax (GST) in the country with 203 votes in favour and none against, after a seven-hour debate during which a rare bonhomie was witnessed among the ruling and the opposition parties.

The GST Bill is aimed at bringing uniform tax regime in the country by subsuming state levies. Under it, a single rate of GST will replace Central Excise, State VAT, entertainment, entry and luxury taxes to ensure seamless transfer of goods and services.

WHAT NEXT!!!!

Now, the Bill will again go to the Lok Sabha and then ratified by at least 50 per cent of the states Legislative Assemblies, to become a law.

WHAT OUR FINANCIAL MINISTER SAY ABOUT IT!!

Replying to over six hour long debate on the Bill, Finance Minister Arun Jaitley said the government will try for the most reasonable rate for GST.

He said with GST, system will become more efficient and there will be no tax on tax and evasion will become more difficult. He also dismissed the apprehension of members that Centre will have veto power in the proposed GST Council saying it would have only one third weightage in it.

Posts / Replies

[KASTURI SETHI]

Main bottleneck is cleared. All decks are still to be cleared. Still State Assemblies will consume time. It may take more time for implementation than expected.

[CS SANJAY MALHOTRA]

Dear Friends,

GST in India is a good move for all sections of society. Half way is through and lets hope best for states to make it operational by extending their support.

[Ganeshan Kalyani]

Sir,

• The GST Bill is passed in Rajya Sabha on 03.08.2016.
• It will be sent to Lok Sabha to discuss and ratify the amendments made in Rajya Sabha.
• In case amendments are not cleared, the bill will go to parliamentary committee.
• Once the amendments are cleared, then the bill will go to State Assemblies for clearance. Atleast 50% (i.e. 15 States) must approve the legislation.
• The legislation will then go to the President, who signature will turn the bill into a law.
• Further, GST Council will be formed within 60 days of the enactment of the bill.
• GST Council will decide the RNR.
• Three more laws will need to be passed- CGST, IGST and SGST.
• CGST and IGST will be cleared by Parliament.
• SGST will be cleared by State Assemblies.

Thanks

[KASTURI SETHI]

Sh.Ganeshan Kalyani Ji,

Thanks for such useful information in a capsule. Pl. continue to apprise the visitors.