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GST Bill highlights: Will history be made in India today? 6 points in brief

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Wed August 03 2016, 11:19 am
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    GST Bill highlights: The Narendra Modi government is all set to table the GST Bill in Parliament today and the Rajya Sabha is expected to give its approval to the same bringing entire India under a single tax regime allowing logical levies to be imposed and ensuring transfer of goods and services without innumerable hurdles that they currently face that adds to the cost of running a business. The bill has been hanging fire for a long time now with the Sonia and Rahul Gandhi led Congress not allowing it to pass unless the Centre accedes to the changes it wanted. Now that the Modi government has agreed, the Bill is all set to to be cleared and to become a law. (Reuters)

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    GST Bill highlights: From consumers to corporates, almost everyone concerned is set to gain, although states have indicated their concern about their share of taxes being affected. The Left parties and Unions have voiced concern, although the new Kerala govt has come onboard without demur. FM Arun Jaitley has played a stellar role to get the Opposition onboard to get the vexatious bill cleared after months of discussions which sometimes turned acrimonious. Read here the GST Bill highlights: (Reuters)

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    GST Bill HIGHLIGHTS: 1. The Bill amends the Constitution to introduce the goods and services tax (GST); 2. Parliament and state legislatures will have concurrent powers to make laws on GST. Only the centre may levy an integrated GST (IGST) on the interstate supply of goods and services, and imports. (Reuters)

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    GST Bill Highlights: 3. Alcohol for human consumption has been exempted from the purview of GST. GST will apply to five petroleum products at a later date. (Reuters)

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    GST Bill Highlights: 4. The GST Council will recommend rates of tax, period of levy of additional tax, principles of supply, special provisions to certain states etc. The GST Council will consist of the Union Finance Minister, Union Minister of State for Revenue, and state Finance Ministers. (Reuters)

  • The USIBC has encouraged a streamlined implementation of the GST, which will provide sufficient time for stakeholders to adjust their internal systems, needed to address the new GST infrastructure. (Reuters)

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