Breaking News : GST bill passed

[Diggy]

GST has been passed in lok sabha

rajya sabha clearance needed.


members , what do you think about problems govt might face clearing it in rajya sabha and possible strategy they might use to resolve the issue.

real estate bill sent to standing committee.

 

[Bang Galore]

GST has been passed in lok sabha

rajya sabha clearance needed.


members , what do you think about problems govt might face clearing it in rajya sabha and possible strategy they might use to resolve the issue.

real estate bill sent to standing committee.

Have to get AIADMK to support, 2/3rd majority is doubtful otherwise. TMC, BJD will most likely support, they are the beneficiary states, manufacturing states like TN will suffer a bit. Have to convince them.

 

[GURU DUTT]

its gonna be a boon for self employed and trading community and small and medium scale industries as well as family owned buisnesses and food joints/chains +great for indian corporates as less red tape was main pain for doing buisness in india

 

[jaatram]

Please don't give misleading title, Rajya Sabha is where the real problem is.

 

[Ryuzaki]

wont pass in rajya sabha

 

[Diggy]

Please don't give misleading title, Rajya Sabha is where the real problem is.

lets see , correct me if i am wrong but i think the govt has to get the bill cleared in rajya sabha within a time frame right

wont pass in rajya sabha

well it looks like bjp has got a plan , there must be some negotiations taking place , lets see.

 

[Chanakya's_Chant]

GST has been passed in lok sabha

rajya sabha clearance needed.


members , what do you think about problems govt might face clearing it in rajya sabha and possible strategy they might use to resolve the issue.

real estate bill sent to standing committee.

Great - sooner or later it will be passed by RS as well and will be implemented by the next financial year! It will alone boost the Indian GDP by 1% to 2% - here are the taxes which the GST will replace as the single umbrella tax - a single tax levied when a consumer buys goods or services. This is how what consumption is taxed in most developed countries.

Would call it the first major economic reform of the government!

 

[Bang Galore]

Great - sooner or later it will be passed by RS as well and will be implemented by the next financial year! It will alone boost the Indian GDP by 1% to 2% - here are the taxes which the GST will replace as the single umbrella tax - a single tax levied when a consumer buys goods or services. This is how what consumption is taxed in most developed countries.

Would call it the first major economic reform of the government!

Has to also be passed by the states. The most important part of the GST is still to come - the rate!

 

[jaatram]

lets see , correct me if i am wrong but i think the govt has to get the bill cleared in rajya sabha within a time frame right.

Rajya Sabha has to clear it within 6 months or else President can call a joint a session.

 

[Diggy]

Rajya Sabha has to clear it within 6 months or else President can call a joint a session.

so it should be cleared in joint session right

i think thats the plan here , we will try to get it passed in RS if not we will call a joint session. Modi already seems to have estb a good understanding with pranab mukherji on some key issues.

 

[KIND]

Guys not creating multiple thread but this a important piece you may like to read


BJP government's first year is one of the best years of Indian economic reform: US Expert - The Economic Times

 

[Chanakya's_Chant]

Has to also be passed by the states. The most important part of the GST is still to come - the rate!

Passing the bill in most of the state legislatures isn't that hard when a majority of them are NDA ruled - Parties like TMC are also supporting it - and as far as the rate is concerned - The bill provides for a GST Council, a joint body of the states and the Centre which will administer the levy in which the States have their upper hand -

 

[IND151]

An Interesting News..................

Great - sooner or later it will be passed by RS as well and will be implemented by the next financial year! It will alone boost the Indian GDP by 1% to 2% - here are the taxes which the GST will replace as the single umbrella tax - a single tax levied when a consumer buys goods or services. This is how what consumption is taxed in most developed countries.

Would call it the first major economic reform of the government!

GST will benifit India, upto what extent, remains to be seen.

 

[Kompromat]

Opened.

 

[Diggy]

India Closer to Biggest Tax Reform in Decades, Lok Sabha Clears GST

A major tax reform cleared a key hurdle in parliament on Wednesday, when the Lok Sabha passed a bill to replace a patchwork of levies by the central and state governments with a single nationwide sales tax.

One of major reforms proposed by Prime Minister Narendra Modi, the Goods and Services Tax (GST) has been hailed byFINANCE Minister Arun Jaitley as the biggest reform in India since independence in 1947. He has said it could add up to 2 percentage points to the growth of Asia's third-largest economy.

The government says the GST, a national sales tax, will transform the country into a "seamless" market, boosting economic growth and cutting the cost of doing business.

The approval for the proposal in the Lok Sabha marks an important victory for the government, but the bill still must pass in the Rajya Sabha, where it is in a minority.

The opposition Congress has said it supports the measure, but it boycotted the vote in the Lok Sabha by walking out, stating that the bill, which requires a change to the constitution, should first be sent to a committee.

So far, each state has used its powers under the constitution to tax different commodities at different rates. The government hopes to introduce the GST from April 1, 2016. But the reform still faces hurdles including approval by more than half of the 29 states, some of which object to giving up their own right to levy taxes.

The battle has already led to several compromises on the bill, leading some analysts to say India could end up being saddled with a badly-designed tax.

A government think-tank proposed the tax rate be set at 27 per cent, for example, which is well above the global average of 16.4 per cent for similar taxes.

On Wednesday, Mr Jaitley told lawmakers that the proposed rate was "too high" and needed to be "much more diluted". But some states are asking for an even higher rate.

Exemptions and exceptions have also been worked into the bill. The tax does not apply to alcohol, for example, and petroleum products will be taxed separately at first. Manufacturing states will be allowed to levy an additional tax of 1 per cent on supply of goods.

India Closer to Biggest Tax Reform in Decades, Lok Sabha Clears GST - NDTVProfit.com