Former Finance Minister Panchanan Kanungo said Odisha may not get more benefit under the GST Act. It will be a uniform rate, will check evasion, and boost growth rates, Mr. Jaitley said initiating the debate.
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Shri Arun Jaitley, Finance Minister of India announced GST Bill in the Rajya Sabha and its effect will be felt by all sectors in the country and more predominantly on the auto sector.
Members of the ruling regional party in the southern Indian state of Tamil Nadu, however, did not back the bill calling it a threat to India’s federal governance structure.
The Rajya Sabha (upper house) of the Indian parliament approved the bill with an overwhelming majority late in the night on Wednesday, 3 August.
He also said that it would help the traders and people doing business across the country. The GST Council will be recommending rates of tax, period of levy of additional tax, principles of supply, special provisions to certain states etc. The GST Council will be consisting of the Union Finance Minister, Union Minister of State for Revenue, and state Finance Ministers.
“It is a great thing that the Constitution Amendment Bill for GST has been passed in the Rajya Sabha Wednesday. It will impact the entire economy”, said Mr Rajeev Dimri, leader of indirect tax at consultancy BMR and Associates.
Central excise duty and state VAT taken together added up to 27 per cent now.
“The GST will enable a smooth and seamless distribution network in India which will lead to in-time delivery of building material across India”, Hiranandani said. The bill would also make it easier to move across the states, which as of now is a very big issue and hindrance.
“All efforts will be made with cooperation of every one to meet the deadline of 1 April, 2017…” “Overall, GST should be positive for the sector assuming the multiplicity of taxes will go away in food and beverages”.
The subsequent legislations Central GST (CGST) and Integrated GST (IGST) – which are likely to come up for discussions in the next Winter session of Parliament – would mention the GST rate.
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GST is a single tax created to replace the convoluted system of different taxes across states in India, effectively transforming the country into a common market.
