With main opposition Congress and most other parties on board, Rajya Sabha last night passed a bill to amend the Constitution to facilitate rollout of the GST amid governments assurance that the tax rates would be kept “as low as possible”.
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On this truly historic occasion of the passage of the GST Bill in the Rajya Sabha, I thank the leaders and members of all parties, Modi wrote on his Facebook page.
The BJP has issued a three-line whip to all Lok Sabha MPs to be present when the crucial bill is tabled, reported ANI.
Earlier on Thursday, Revenue Secretary Hasmukh Adhia said that the government is looking at April 1, 2017 as the target date for implementation.
The Congress, which gave rare support to the government in the Rajya Sabha to pass the constitutional amendment that enables the bill, wants the rate of GST to be fixed at no higher than 18%.
The states have also been asked to ratify the GST bill within 30 days of the President’s assent to the landmark legislation.
The roll out of GST is expected to make a hole in common man’s pocket as restaurant bill, mobile expense, travel, credit card bill and even clothes is likely to get all the more expensive.
USIBC believes that the GST is a game-changer that will boost economic growth by streamlining domestic supply chains and removing the compliance burden of contradictory state tax regimes, the council said.
Balbir said that while the existing central taxes include Excise Duty, Service Tax and additional customs duties, the state taxes comprise of Entertainment Tax, Luxury Tax, Lottery Tax, Electricity Duty, Sales Tax, Octroi, Value Added Tax (VAT).
The government is hopeful that the required bills, connected with the implementation of GST, will be taken up for passage during the winter session of parliament.
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The government has to take a call on how to finance the compensation, he said, adding that it could be done through GST revenue itself. Similar tax laws will also have to be passed by the states.
