1. GST Bill passed by Lok Sabha, Arun Jaitley says ‘significant step forward has been taken’

GST Bill passed by Lok Sabha, Arun Jaitley says ‘significant step forward has been taken’

On Wednesday Lok Sabha passed the historic GST Bill which the government has been pushing hard for quite some time now.

By: | Updated: March 29, 2017 11:26 PM
FM Jaitley said, “I think significant step forward has been taken.” (ANI)

On Wednesday Lok Sabha passed the historic GST Bill which the government has been pushing hard for quite some time now. Finance Minister Arun Jaitley spoke after the lower house approved all four supplementary laws. FM Jaitley said, “I think significant step forward has been taken.” The GST was introduced as The Constitution (One Hundred and First Amendment) Act 2016, it will subsume various taxes like, central excise, service tax, VAT and other local levies to create a uniform market across India. The country has thereby moved a step closer to becoming a unified market in line with the federalist vision of the architects of its Constitution – the GST Bill extends across India except Jammu and Kashmir for now.

FM Arun Jaitley congratulated on twitter by saying:

Jammu and Kashmir will need to pass all four bills in its state assembly, on account of its special powers on taxation under the Constitution. The Lok Sabha passed the much-awaited Central Goods and Services Tax (CGST) Bill, Integrated GST Bill, Compensation GST Bill and Union Territory GST Bill 2017, after negating all the amendments put forward by the Opposition. The four GST Bills were passed after an eight-hour marathon debate in the Lower House. The Prime Minister Narendra Modi government is targeting the roll-out date of July 1 for the new indirect tax regime.

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In his reaction after the passage of the crucial bill, Jaitley told reporters, “We will complete all bylaws on March 31. I am reasonably optimistic about meeting the deadlines”. Jaitley added that this reform will usher in a uniform tax regime in the country and make commodities “slighty cheaper”. “We are virtually seeing history in the making because we are now going to be transforming into a new system of indirect taxation,” Jaitley explained.

Prime Minister Narendra Modi also took to twitter to congratulate people

Jailtey also took to Twitter saying, “I congratulate everyone on the passage of GSTLaws by LokSabha. It is a landmark tax reform since independence. A historic day for all of us.” Union Home Minister Rajnath Singh told reporters GST bill was an important bill. Post implementation, undoubtedly it will increase the GDP of the country. During the Parliament debate, Jaitley assured that “All the preparations to roll out the new tax regime is nearing completion and the process to classify categories of commodities will start next month.”

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