Again, borrowing from Chidambaram’s speech in Rajya Sabha, Modi said that his government did not want to pass the bill the basis of numbers alone.
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Modi said most of the things that can impact consumer inflation have been kept out of the ambit of GST. “It is the victory for democratic ethos of India and a victory for everyone”, he said, while noting that the measure was being supported by all parties, irrespective of different ideologies. This council will recommend rates and other modalities for GST, which will replace a raft of different state and local taxes with a single unified value added tax system turning India into world’s biggest single market. “Otherwise, this imbalanced development will stop country from scaling new heights”, he added hinting at states like Bihar, West Bengal and Orissa.
The Prime Minister said GST would also help bring in real time data, as its strength was in technology.
“We will have to prepare three more laws”. This is a legacy that we received. economically empowerment and educational empowerment of the poor can build a force of poor that will fight poverty on its own.
Riddhinil Roy, founder and CEO of NE8 Start ups, an initiative that provides a platform for budding entrepreneurs opines, “The GST is more than a boon in disguise as well as in practicality for aspiring entrepreneurs from the country, considering the demography of Northeast India as well”.
The Bill will, however boost the “Make in India” plan and might make the Northeastern region self sufficient in various economic domains considering the fact that various states in the region shares its borders with foreign nations and trade relations may improve.
Modi described the GST as a “Great Step by Team India, ” a “Great Step Towards Transformation, ” and a “Great Step Towards Transparency”.
Thereafter, the amended bill had been introduced in the Rajya Sabha and passed last week.
Congress vice president Rahul Gandhi on Monday hailed the passage of the bill in the Lok Sabha and asserted that the issue relating to the 18 percent cap of GST rate will be taken up by his party in December. He asked why the then leaders of Opposition- Arun Jaitley and Sushma Swaraj- opposed it.
“In the entire discussion on the GST, none of us used it as a platform for politics”.
This could raise issues in some of the states where non-Congress, non-BJP MLAs play a stellar role.
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Modi said this was a victory, would end tax terrorism. “States and the Centre will be pooling in their sovereignty together and creating a new mechanism which will take all its decision within that pooled sovereignty”, he said. The cap was not discussed in 2006 and in the successive years. Now it looks that the rate may jump to 22 and even 24 per cent, necessary for the Centre to make good the revenue loss to States for the first five years.
