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Finally signed by President Pranab Mukherjee GST Bill now becomes a Law
Abhey Narula 4 Oct 2016

Finally signed by President Pranab Mukherjee GST Bill now becomes a Law

Now that President Pranab Mukherjee has signed Goods and Services Tax bill which was initially cleared by parliament and 15 other state governments it is now a law to be followed. The GST bill had been approved by Rajya Sabha to restore propels of different state as well as local tax charges with a single unified value added tax process to twirl the nation in to the world’s biggest single market.

GST will replace more than dozen levies of central and state, including service tax, central sales tax, central excise duty and VAT on the sale of the goods and services and entry tax, to make the movement of the goods seamless thorough out the 1.3 billion market. Rather than being taxed so many times at different rates, under new GST regime goods would be taxed at the time of consumption.

The day central GST law is finalized; government would introduce this in the winter season whereas state would take state GST law to the assembly. Once it is implemented, it would have a total transformational impact by building a seamless national market within the country.

Different countries across the globe have implemented this kind of tax system long time back. While such reform initially faced protests in some countries, gradually their economies warmed up to it. FICCI (The Federation of Indian Chambers of Commerce and Industry) had told the finance minister of the states earlier also that this new tax regime can be implemented only after 6 months once it is adapted as law by GST council. FICCI also suggested that merit rate need to be lower and also the standard rate should be set at affordable prices to check the inflation.

To know more visithttps://goo.gl/HlXIPd

 

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