Urging consensus on the Goods and Services Tax (GST) Bill, Anand Mahindra, the chairman and managing director of Mahindra Group today said he was praying for the reform's smooth passage.
Urging consensus on the Goods and Services Tax (GST) Bill, Anand Mahindra, the chairman and managing director of Mahindra Group today said he was praying for the reform’s smooth passage. He even compared the situation to Brexit! “Without GST, India won’t harness its own ‘common market. ‘We’ve been in BREXIT mode without knowing it! Praying for smooth passage of the bill,” Anand Mahindra posted on the social networking site Twitter.
GST Bill is likely to be tabled in the upper house this week, and may come up for discussion as early as Tuesday. Most state governments and political parties including the Congress, that remained obdurate for long, have finally coming around. The Congress, which wanted three major changes in the Bill, including dropping 1% tax on inter-state trade, handing over of the disputes arising from GST to an independent panel and capping the rate in the Constitution itself, has relented after several rounds of talks with the government. Also, states have been assured of full five-year compensation for any revenue loss. The Bill has already been passed in the Lok Sabha. The current monsoon session of Parliament will end on August 12.
Without GST,India won’t harness its own ‘common market.’We’ve been in BREXIT mode without knowing it!Praying for smooth passage of the bill
— anand mahindra (@anandmahindra) August 1, 2016
Finance Minister Arun Jaitley has said that the ‘one nation, one tax’ regime (under GST) will reduce the taxation levels and also eliminate corruption. ““This whole idea of one nation one tax is extremely important for India, in not only reducing the level of tax but also for providing an ease (of doing business) and eliminating any forms of corruption,” he said. Jaitley also said India cannot afford to have an indirect tax system, where one is taxed at every point. The proposed GST will subsume most of the indirect taxes.