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GST Bill today in Rajya Sabha as Narendra Modi, Sonia Gandhi thrash out solution; In 5 slides, read key takeaways

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Wed August 03 2016, 11:35 am
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    After years of wrangling, that often turned bitter in which personal remarks were hurled freely by the opposing parties, the GST Bill is finally to be tabled in the Rajya Sabha today and expectations are that it will be passed. While the Narendra Modi led Bharatiya Janata Party (BJP) led NDA govt at the Centre has been pushing for a quick passage, Congress party wanted a number of changes to be made. Now, that Modi govt has mostly accepted these changes, the Sonia Gandhi and Rahuil Gandhi led Congress is expected to give its approval – without this, since the Modi govt does not have numerical superiority in the Rajya Sabha, the GST Bill will not be passed. It is pertinent here to point out that politics has been at the centre of the tussle over the GST Bill. Earlier, during the Manmohan Singh led UPA regime, the BJP had been opposing the bill tooth and nail. Suffice it to say that the bill is expected to bring a revolution in India and allow business to be conducted without hindrance or hurdles that have bedevilled the country so far. Here we present the GST Bill key takeaways: (Express photo by Anil Sgarma)

    (Image caption: Finance minister Arun Jaitly and Ravi Shankar Prasad at parliament house in New Delhi)

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    GST BILL KEY TAKEAWAYS: 1. An ideal GST regime intends to create a harmonised system of taxation by subsuming all indirect taxes under one tax. It seeks to address challenges with the current indirect tax regime by broadening the tax base, eliminating cascading of taxes, increasing compliance, and reducing economic distortions caused by inter-state variations in taxes. (Express photo by Renuka Puri)

    (Image caption: Prime Minister Narendra Modi during the BJP Parliamentary Meeting during the monsoon session)

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    GST BILL KEY TAKEAWAYS: 2. The provisions of this Bill do not fully conform to an ideal GST regime. Deferring the levy of GST on five petroleum products could lead to cascading of taxes. (Express photo by Anil Sgarma)

    (Image caption: Smriti Irani, Piyush Goel and Satyapal Singh at parliament house in New Delhi)

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    GST BILL KEY TAKEAWAYS: 3. The additional 1% tax levied on goods that are transported across states dilutes the objective of creating a harmonised national market for goods and services. Inter-state trade of a good would be more expensive than intra-state trade, with the burden being borne by retail consumers. Further, cascading of taxes will continue. (Express photo by Anil Sgarma)

    (Image caption: Finance minister Arun Jaitly and Ravi Shankar Prasad at parliament house in New Delhi)

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    GST BILL KEY TAKEAWAYS: 4. The Bill permits the Centre to levy and collect GST in the course of inter-state trade and commerce. Instead, some experts have recommended a modified bank model for inter-state transactions to ease tax compliance and administrative burden. (With Inputs from PRS Legislative Research)(Express photo by Anil Sgarma)

    (Image caption: Prime minister Narendrea Modi, L.K.Advani and others at Parliament house in New Delhi)

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