The Rajya Sabha had on Wednesday approved the Bill on the Goods and Services Tax.
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Implementation of GST is expected to transform a complex, multi-layered and cascading indirect tax system to a single unified indirect tax system which would permit tax set off across the value chain, both for goods and services. It would also lead to an easier administration and enforcement by bringing down the current taxes from the level of 25 – 30 percent to 18 percent.
A constitution amendment bill which enables the key tax reform was passed unanimously in Rajya Sabha yesterday.
The rate still needs to be decided by the GST Council, which includes representatives from the Ministry of Finance and each state government.
The southern state also wanted the Centre to take steps to delete the proposed amendment as reported by the select committee of the Rajya Sabha and ratify contents of clause 10 approved by the Lok Sabha.
Congress leader Jairam Ramesh had said this was the first occasion in independent India that the Prime Minister was not present during the passage of a Constitution amendment bill.
Meanwhile, Shah is also scheduled to helm a meet of all BJP ruled state core groups in the national capital on August 23 to get a direct feedback about various states. The Bill will now go to Lok Sabha next week.
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.
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He said that we have expressed our opposition and we have been consistently opposed the GST Bill. It expects GST to have a “negligible” impact on overall inflation. “The Telugu Desam (TDP) government has always supported taxation reforms and we supported the GST Bill in the larger interest of the country”, Yanamala told media on Thursday. “We being tourism state will benefit due to this regime”, he said, adding that a special session of the Assembly would be called to pass the bill, as 50 percent of the State needs to pass it to make it legislation.
