GST bill goes to Rajya Sabha panel after LS okay

The constitution amendment bill fails to get consensus

GN Bureau | May 12, 2015


#GST   #tax   #Lok Sabha   #Rajya Sabha   #Arun Jaitley  

The GST Bill has been referred to Select Committee of Rajya Sabha. It will be headed by Bhupendra Yadav. The report of the committee will be placed before house on last day of first week of next session. This decision was taken on Tuesday as the government could not muster consensus on the issue.

The GST (goods and services tax) bill was approved by Lok Sabha on Wednesday after a walkout by Congress, whose floor managers in the Rajya Sabha have made it clear to the government that it will not be possible for them to back the bill without referring it to a select committee.

The Congress, which treats the original GST bill as its "own baby", is learnt to have assured government that it will support the bill for passage in the next session and it could then be brought even as early as on the last day of the first week of the monsoon session.

Being a Constitutional amendment bill, it is required to be passed by both Houses of Parliament by a two-third majority. The Bill will then need ratification of more than half of 29 states before scheduled roll out in April next year. GST was first mooted 12 years ago but couldn't be approved as states feared curbs on their fiscal powers.

The GST shall be implemented from April 1, 2016. It seeks to create a new indirect tax regime which will comprise various central and state levies. They include sales tax, excise and services tax except taxes on the supply of alcohol for human consumption and petroleum products. The whole process of indirect taxation in the country will change once the GST is implemented.

Last week, finance minister Arun Jaitley had said that the GST will herald an economic integration of India. Jaitley had also slammed opposition Congress for stalling the progress of the country by preventing passage of the Constitution Amendment Bill.

"The entire country will become one market and it will be an economic integration of India," Jaitley had said in Mumbai.

"India becomes one uniform market where there is a seamless transfer of goods and services," he said, adding states' share of revenue will go up and economic activity and growth will also improve.

Jaitley said India has capacity to grow in double digit and not just 7-8 per cent.

Comments

 

Other News

India’s glitch-free vaccination gathers pace

The nationwide vaccination campaign launched Saturday, the largest such exercise in the world, has started setting new benchmarks, with vaccines administered to 2,24,301 beneficiaries in the first two days. “India has vaccinated the highest number of persons on Day1 under its COVID19 v

Maharashtra to spend Rs 2,500 crore to augment, develop power infrastructure

The Maharashtra government has announced a spending of Rs 2,500 crore annually to develop infrastructure of state-owned distribution company Mahavitaran (MSEDCL).   Out of the total amount, Rs 1,500 crore will be spent on energisation of conventional agriculture pumps and Rs 1,000 crore

Launched: Largest vaccination drive in history

India on Saturday began the massive vaccination drive against Covid-19, as prime minister Narendra Modi paid tributes the ‘corona warriors’. “Such a vaccination drive at such a massive scale was never conducted in history. There are over 100 countries having less than 3 cro

"TV not in business of news; it is in the business of polarisation”

Television news these days has a loose relationship with truth, says senior journalist, columnist and author Vir Sanghvi, adding that it is not telling the truth and polarising opinions. In a live webcast with Kailashnath Adhikari, MD, Governance Now, during the Visionary Talk series held by

How the colonial rulers combated “this insidious and growing danger” of dust and smoke

Dust and Smoke: Air Pollution and Colonial Urbanism: India, c. 1860-1940 By Awadhendra Sharan Orient BlackSwan, xxiv+320 pages, Rs 795 Air pollu

Unlocking the value of renewable energy assets through InVITs in India

India has been witnessing a sluggish demand growth for power amidst COVID-19. It has affected both thermal as well as renewable energy (RE) sector. While thermal sector (coal) plant load factor (PLF) is coming down continuously amidst no new generation building up, renewable energy held its ground through

Masterminds Masterclass on Acting with Vidya Malavade





Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter