GST bill moves in Lok Sabha!Top Stories

August 08, 2016 17:23
GST bill moves in  Lok Sabha!

The Goods and Services Tax (GST) Bill moves to the Lok Sabha on Monday for amendments. The Bill was passed by Lok Sabha on May 6, 2015 and transmitted to Rajya Sabha for concurrence. Rajya Sabha passed the Bill with amendments at its sitting held on the August 3, 2016 and returned it to Lok Sabha.

The bill is expected to be passed as the ruling party has enough numbers and now that Congress is also on board. Prime minister Narendra Modi is also expected to be participate in the debate.

Finance Minister Arun Jaitley said that, "Tax evasion will lessen, there will be no tax on tax or a cascade of taxes and ease of doing business will improve," stating that India's major tax reform will see the Centre and states "pooling their sovereignty to reap the many benefits that will ultimately lead to India's progress."

The Congress' Veerappa Moily said that, "After suppressing the opposition in the Lok Sabha, you went and got stuck in Rajya Sabha, and you finally had to come down. If you would have shown more cooperation in Lok Sabha to begin with, this would have been a far smoother ride."

Tathagatha Satpathy of BJD says he supports the Bill. "Why not a system of evolving tax system where states collect taxes and pass it on to the Centre, asks Mr. Satpathy.

After the Lok Sabha passes the 122nd constitutional amendment bill today, it will be sent for the President's assent which the government hopes to secure in a day or two.

Also Read: GST Bill: India steps up for one nation, one tax!

Nandini

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