Lok Sabha to take up GST on Monday
DSIJ Intelligence / 08 Aug 2016
The Goods and Services Tax (GST) bill, India's biggest tax reform is set to be sanctioned by the Lok Sabha on Monday. Earlier, in May 2015 bill was passed.
The Goods and Services Tax (GST) bill, India's biggest tax reform is set to be sanctioned by the Lok Sabha on Monday. Earlier, in May 2015 bill was passed. After endorsing amendments in Rajya Sabha, the bill was sent back to Lok Sabha. Being at a majority in Lok Sabha, government will not face any hurdle for clearing out GST. GST bill will be sent for President’s assent; and approval by16 states i.e. half of country’s states within 30 days after it is passed by Parliament.
Prime Minister Narendra Modi is likely to intervene during the debate on the Bill in Lok Sabha. Meanwhile, Chief Ministers have assured that they will call a special session for the clearance of the bill in their State assemblies.
Once implemented, GST will subsume various taxes, including excise, services tax, octroi and other levies. There will be three parts of GST: State GST (SGST), Central GST (CGST) and Inter State GST (ISGST). After implementation of GST, India’s GDP may be boosted by 1.5 per cent to 2 per cent. Meanwhile, government has planned implementation of GST by April 1, 2017.
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