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

Omicron: Maharashtra revises travel guidelines

A day after the union health secretary wrote to it that its order on SOPs for air travellers was in divergence with guidelines issued by the MoHFW, GoI in view of the Omicron threat, the Maharashtra government on Thursday revised its guidelines for passengers arriving in the state. Issuing

Omicron: Centre asks Maharashtra to follow uniform guidelines

With the threat of Omicron, the new variant of the coronavirus, looming large, the union health ministry has written to the Maharashtra government to align orders issued by the state with the ministry’s guidelines for uniform implementation. The state government in its order dated Nove

Central Railways runs over 800 Kisan Railway trips

To ensure bigger access to farm produce and provide new markets with quick transportation and subsidy at 50%, the Kisan Rail has been bringing prosperity, joy, and hope to farmers of Maharashtra. On November 28, the Central Railway ran its 800th  trip of Kisan Rail from Sangola to Muzaffarpur.

Omicron forces Mumbai to delay school reopening

The looming threat of the new Covid strain B.1.1.529, known as Omicron, has pushed the Brihanmumbai Municipal Corporation (BMC) to postpone the reopening of schools for classes 1-7 to December 15. Earlier, these classes were scheduled to reopen from December 1. The education department of t

4 Industrial Smart Cities built under the aegis of DMIC: asserts Commerce Ministry

 Source: PTI   As many as 4 greenfield industrial smart cities or nodes are being built under Delhi-Mumbai Industrial Co

Center completed more than 3000 smart city projects valued INR 53, 575 crores: Kaushal Kishore, MoS, MOHUA

 The Minister of State, Ministry of Housing and Urban Affairs(MoHUA), Kaushal Kishore recently shared information in the Rajya Sabha, stating the central government successfully completed 3000 smart cities projects

Visionary Talks: Dr. Naresh Trehan, CMD Medanta Heart Institute with Kailashnath Adhikari



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter