Earlier today, Revenue Secretary Hasmukh Adhia said that the government is looking at April 1, 2017 as the target date for implementation.
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He said passage of GST Bill in the Rajya Sabha demonstrates inherent maturity of Indian politics.
Former finance minister P Chidambaram, Yechury and nearly every other member of non-NDA parties had demanded an assurance from the Finance Minister during the discussion on the constitutional amendment Bill on Wednesday in the Rajya Sabha.
GST is aimed at dismantling inter-state barriers to trade in goods and services.
The new GST legislation also needs to be ratified by a majority of the state assemblies, while a GST council will be set up. Siddaramaih was replying to reporters” questions after chairing a high-level meeting regarding organising of “Mysuru Dasara’ 2016, here.
He said when the GST Bill will come then many issues affecting the states will come up and a lot depends on in what form the Bill will be introduced. “Because GST is an indirect tax and the government is increasing indirect tax every year”.
Moody’s Investors Service say that the Indian upper house’s approval of the country’s goods and services tax (GST) bill paves the way for its implementation, a credit positive for the country’s sovereign and non-financial corporates. GST would also trigger change in tax rates and a larger credit pool.
The GST, which has been in the works for a decade due to a lack of political consensus, will hopefully boost manufacturing, improve tax collection, reduce corruption and increase revenues.
He said the bill and other related bills should be passed soon for its introduction from April 2017.
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This is an epoch-making reform which will demolish the walls of tax structures across the states in order to create “one market”. “The efforts of the Empowered Committee of State Finance Ministers have been fruitful”. It is a consumption based taxation system. As a first step, the state made a decision to switch to a new software designed by Infosys for both front-end and back-end users.
