Talking to newsmen here on Thursday, the Chief Minister said that the erstwhile UPA Government had initiated the whole exercise of GST.
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The Rajya Sabha Wednesday gave its approval to the long-pending GST Bill as government forged a consensus with opposition parties for passage of the reform legislation.
Revenue secretary Hasmukh Adhia said the government was doing its best to meet the deadline.
The Goods and Services Bill (GST Bill) is being touted as a game changer for India’s economy with widespread positive effects across sectors like manufacturing, e-commerce, which will lead to an uptick in the GDP of the country.
The rating agency said there will not be a short term impact as effective implementation will take some time, and the recommended GST rates are meant to be revenue neutral. The Bharatiya Janata Party and its allies are in power in 13 states.
India’s finance ministry, headed by finance minister Arun Jaitley, said changes would make it easier to do business and reduce the compliance burden. “There was no need for them to show aggression by voting against the Bill and there was no way they could have voted for the Bill”, a political analyst, who spoke on condition of anonymity, said. “That’s now over”, he added.
It’s billed as one of the biggest tax reforms India has ushered in since it opened up its economy 25 years ago.
Welcoming the passage of the GST Bill in the Rajya Sabha, Maruti Suzuki India managing director and CEO Kenichi Ayukawa said: “The automotive industry wholeheartedly welcomes this tax reform”. The monsoon session of Parliament ends on August 12. The GST Council will be consisting of the Union Finance Minister, Union Minister of State for Revenue, and state Finance Ministers.
“The government is approaching non-BJP ruled states too”.
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The Government has already released the “Model GST Law”, which contains comprehensive provisions with respect to the Central / State Goods and Services Tax (CGST / SGST) and the Integrated Goods and Services Tax (IGST), for public comments in June 2016.
