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

Sowing wheat earlier can help increase yields in India: US researcher

Yield gaps in wheat production in India can be countered with an earlier sowing date, says a University of Michigan researcher.   Using a new way to measure wheat yields, Meha Jain, assistant professor at the U-M School for Environment and Sustainability, found that the wheat yie

Giving birth as a Baiga

Kharpariya village, about 50 km from the headquarters town of Madhya Pradesh’s Mandla district, is like many villages in the region, home to the Baiga, deemed a particularly vulnerable tribal group (PVTG) for whom permanent contraception methods are banned to prevent extinction. However, care for p

Being the prime minister’s brother

Somabhai Modi says he remembers only one occasion when he offered his younger brother prime minister Narendra Modi advice regarding work. This, he says, was when Modi was chief minister of Gujarat. After one of his weekly grievance redressal sessions, the then chief minister had enquired after the well-b

Should ration cards not linked to Aadhaar be rendered ineligible?

Should ration cards not linked to Aadhaar be rendered ineligible?

INS Kiltan commissioned into Indian Navy

 INS Kiltan, the third anti-submarine warfare (ASW) stealth corvette built under project 28 (Kamorta class), was commissioned into the Indian Navy by defence minister Nirmala Sitharaman at the naval dockyard in Visakhapatnam.    The anti-submarine warfare stealth corvet

SAIL`s special grade steel used to build stealth corvette

Maharatna enterprise, Steel Authority of India Ltd. (SAIL) has supplied defence grade micro-alloyed grade of steel (DMR 249A) steel plates for the indigenously built anti-submarine warfare (ASW) stealth corvette INS-Kiltan commissioned into Indian Navy.    SAIL’s integ



Video

Grand Diwali celebrations in Ayodhaya on eve of diwali

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter