Vidarbha Taxpayers Association (VTA) welcomed ratification of the Goods and Services Tax (GST) Constitutional Amendment Bill by the Maharashtra Legislative Assembly in a special one-day session of the state legislature which was passed unanimously by the Lower House, taking a step forward towards its implementation. As far as the green tax is concerned Naveen said he would convey the matter to Centre. It has also argued that goods which are exempted from excise duty but Value-Added Tax is charged on them should be levied the merit rate of GST and all other goods (except jewellery and demerit goods) be subjected to the standard rate.
Advertisement
Khanna said that there is no binding for UP to pass it now as already 16 states have ratified it.
A detailed GST law now needs to be worked out, laying out the rules by which the new levy will be imposed and also the rate that will be applied.
However, BJD MLAs Amar Prasad Satpathy, Bed Prakash Agrawal and Ranendra Pratap Swain took on the opposition, especially the LoP for not raising the issue of CST loss to the state due to GST.
GST will subsume most indirect taxes, like excise duty, service tax and VAT. “We hope that the standard tax rate would be kept at a reasonable level of 18 per cent which would greatly contribute to growth, employment and incomes, and boost Indian industry’s global competitiveness”, Chandrajit Banerjee, Director General, CII said.
Representatives from the biggest ecommerce firms pleaded with the Govt. panel that they only provide a platform for connecting the vendors and the sellers, and therefore, they are not liable for Goods and Services tax applied on them.
“The requisite number of states have ratified the GST Constitution Amendment Bill and now it can go for Presidential assent”, Jaitley tweeted. In fact, they have been lobbying for a rate between 18 and 22 per cent.
Advertisement
Parsekar who is also the Finance Minister, termed the GST Bill as “historical”, “revolutionary” and “far thinking”. The trade body proposed a minimum of six months’ time from the date of the adoption of the GST law by the GST Council. “The provision of tax registration in every state under GST seems to be a recurring concern among all sectors”, said a source in the know of the matter. “Area-based exemptions will also be decided by the council”.
