Odisha Finance Minister said, “It is a great pleasure that the Constitution Amendment Bill for GST has been passed in the Rajya Sabha yesterday”.
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Under the proposed 2016 amendments of GST Bill circulated, GST Council will be required to establish a mechanism for adjudication of disputes, which could arise between the Centre and states or among states themselves. Rajya Sabha on August 3 passed a constitutional amendment to allow implementation of the long-delayed GST.
Under GST, which is likely to take effect from April 1, consumers may end up spending more as service tax burden would go up. Corporate giants reacted to the long debate in the parliament about the GST bill, and a lot of them welcomed the decision of the GST.
The Bill has to be ratified by at least 16 States in 30 days after it is passed by Parliament.
The Revenue Secretary broadly listed the challenges as the calculation of revenue base for the Centre and the states, the actual GST rates structure, preparation of the list of exemptions, forging a consensus, and cross-empowering the Centre and states in decision-making and dispute resolution.
“We at the UK India Business Council believe GST will give a significant boost to economic growth by creating a single national market, enhancing the efficiency of intra-Indian movement of goods and services, and boosting GDP growth further”.
“Nasscom president R Chandrasekhar said the concerns regarding multiple taxation points have been brought to the notice of the government and it expects a positive response while framing the GST law”.
However, the Minister made it clear that the State was not opposing the GST and welcomed the passing of GST by Rajya Sabha.
Chennai: AIADMK’s MPs walkout Rajya Sabha over the GST Bill in reality it only helped the government of Narendra Modi.
Currently, a multitude of different charges are imposed on all goods and services sold in India, with each state setting their own rates.
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The government’s floor managers say the monsoon session has been largely very productive as a number of legislative matters were disposed off besides holding debates on important matters like price rise. This council will recommend rates and other modalities. “Implementation of GST in one sweep will lead to efficient allocation of resources, smoothen supply disruptions, harness inflation, aid tax buoyancy and improve compliance, thereby reinforcing conviction in “Believe in India”, said Rana Kapoor, founder and managing director of Yes Bank.
