Thursday saw the upper house of Parliament, Rajya Sabha, pass legislation to implement the much debated and more awaited Goods and Services Tax (GST). The bill is set to be put in action from the target date of July 1. The Central GST Bill, 2017; The Integrated GST Bill, 2017; The GST (Compensation to States) Bill, 2017; and The Union Territory GST Bill, 2017 were passed by Rajya Sabha on Thursday after being returned once facing opposition. However on Thursday, the house passed the bill without any amends.
Rajya Sabha passed the #GST legislations today paving way for #GST implementation. Once again congratulations to every stakeholder.
— Arun Jaitley (@arunjaitley) April 6, 2017
#GST will transform States & UTs into one market, administered by a #GST council. #GST will herald an era of cooperative federalism.
— Arun Jaitley (@arunjaitley) April 6, 2017
The next step here shall be all the states passing the GST bill in their own legislative assemblies after which a new indirect tax scheme shall be initiated. The tax scheme shall be discussed and decided by the GST council which has proposed a four slab structure as of now.
#GST legislations passed by RS will bring efficiency & transparency in tax administration.
— Arun Jaitley (@arunjaitley) April 6, 2017
This bill after implementation is expected to bring benefits to the revenue of Centre, States, industry and trade. The bill has been supported by all the parties and even Mr. Jaitley confirmed that it was a collective property giving their predecessors UPA government their due credit. The bill also received ex Prime Minister Manmohan Singh’s go ahead on the floor as Mr. Jaitley after giving his comments on the bill proceeded to shake hands with Mr. Singh.
While it is a long way ahead, the GST bill is supposed to be the biggest reform in Indirect Tax regime in the nation since independence paving way to one nation one tax era.
Sharing my response in RS with respect to discussion on CGST, IGST, UT-GST & GST Compensation Bills, April 6, 2017 https://t.co/CAsngHjaR8
— Arun Jaitley (@arunjaitley) April 6, 2017
Leave a Comment