Aimed at creating a single tax for goods and services across the country, government on Friday introduced the long-pending GST Bill in the Lok Sabha for roll-out of the new regime from April 2016 subsuming various levies like entry tax and octroi.
The bill was passed by LS last year and now it has to go back to the Lower House for incorporating the amendments approved by Rajya Sabha.
GST rates would depend upon whether the commodity is used by a rich person or a common man
Sustaining 8 per cent-plus growth rates is necessary if we are to reach high-income status by 2047, points out Amitabh Kant.
After securing Congress support for a rise in the foreign investment cap in the insurance Bill, this is another key reform Bill where the Centre has managed a broad consensus.
Supporters say the new sales tax will add up to two percentage points to India's economic growth
The change in the peak rate will not alter the 4-slab rate structure of 5, 12, 18 and 28 per cent agreed upon last year, but is only a provision being built into the model law to take care of contingencies in future, two officials in the know told PTI.
Government will make a fresh bid to pass crucial bills on GST and real estate in the last week of the Winter session.
Protesting Congress members had on Tuesday too blocked a debate on the bill. The monsoon session ends on Thursday.
Even as some government departments have raised concerns on the Bill in its present form, the finance ministry has decided not to delay any further and may table it in Parliament next week.
Modi's reform agenda suffered a major setback earlier this month when lawmakers in the Rajya Sabha refused to support the the Goods and Service Tax bill.
Parliament on Thursday cleared the decks for the rollout of the historic Goods and Services Tax from July 1 as it approved four supporting legislations to usher in the one-nation-one-tax regime.
States are apprehensive of losing their rights to raise revenue during emergencies.
After 17 tumultuous years, a nationwide Goods and Services Tax (GST) will rollout from midnight of June 30, overhauling India's convoluted indirect taxation system and unifying the $2 trillion economy with 1.3 billion people into a single market.
The government is keen to get the GST Bill approved during the Monsoon Session of Parliament ending on August 12.
For the government to meet its GST roll-out deadline of April 1, 2017, the states will have to ratify the Bill before Parliament's winter session, starting November.
Prime Minister Narendra Modi launched his Bihar assembly poll campaign, asserting that the NDA under Chief Minister Nitish Kumar will break all previous electoral records. He criticized the INDIA bloc and highlighted the NDA's cohesiveness and development efforts in Bihar.
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Most chief ministers are in favour of the new tax regime.
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The GST Bill, introduced in Parliament in 2010, is being vetted by the Standing Committee on Finance. Now, the states and the Centre would together finalise the draft and bring it back to Parliament.
The government is banking on help from regional parties and rejigged numbers in the Rajya Sabha.
Both houses of Parliament were prorogued on Friday, almost a month after being adjourned sine die, ending the possibility of an extension of the Monsoon session in the face of continued stand-off between government and opposition.
The BJP leadership is understandably mulling all options on the roll-out of the GST.
Government strategists are trying to ensure that the requisite 16 of the 31 states ratify the Bill by the end of this month
The GST will also be applicable on the non-compete amount given by an employer to an outgoing employee, report Indivjal Dhasmana and Sudipto Dey.
Keeping the government on tenterhooks on key reform measures like the Insurance Bill and Goods and Services Tax, the Congress party on Monday said there is "no blank cheque" on its support on these in Parliament as the "devil lies in the details".
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India moving in right direction on GST, says Panagariya.
With just eight days left for the winter session, Jaitley and Parliamentary Affairs Minster M Venkaiah Naidu held consultations with Leader of Opposition in Rajya Sabha Ghulam Nabi Azad and Deputy Leader Anand Sharma.
Catch all the live debates from Parliament as the winter session begins
Catch all the live debates from Parliament as the winter session begins
Catch all the live debates from Parliament as the winter session begins
The panel suggested inclusion of alcohol and petroleum products in GST, as is being demanded by the Congress.
Implementation of GST is expected to increase the gross domestic product of the country.
The GST bill is stuck in the Rajya Sabha where the ruling NDA govt does not have a majority as well as stiff opposition by the Congress
'GST will bring in much needed transparency and higher investments in the coming years and we hope that a few percentage points to India's GDP.'
The government on Wednesday decided not to hold special session of Parliament to pass the constitution amendment bill for rolling out Goods and Services Tax and will recommend to the President to prorogue the Monsoon Session.
Catch all the live debates from Parliament as the winter session begins
Opposition politicians on Wednesday stalled a last minute attempt by Prime Minister Narendra Modi's government to pass the Goods and Service Tax bill.
The tax department has created many circular traps -- flawed reporting formats, penalties for those who point out the flaws, and faceless assessors with no accountability. The result: Millions of taxpayers face needless harassment and procedural dead ends, highlights Harsh Roongta.
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