Rajya Sabha passes all four GST bills to pave way for rollout
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The Lok Sabha had approved these bills on March 29. What remains now is that all states will have to pass the States GST Bill after which the new indirect tax regime can be rolled out. Union Finance Minister Arun Jaitley, replying to about an 8-hour-long debate, said the GST will not lead to inflation as suspected by some sections, adding that this reform will usher in a uniform indirect tax regime in the country.
As for the rates, the GST Council will discuss it on May 18-19. The finance minister said once the GST is implemented, businesses in India can operate peacefully as the harassment in the hands of different authorities will end. The GST Council, which comprises of Centre and states, has recommended a four-tier tax structure – 5, 12, 18 and 28 per cent. On top of the highest slab, a cess will be imposed on luxury and demerit goods to compensate the states for revenue loss in the first five years of GST implementation.
Commenting on the development, Jaitley told news agency ANI, “GST bill passed in Rajya Sabha today. On 17-18 May we will give final approval to rules and rates, looks like it can be implemented from 1 July. Happy at the fact that when it comes to enforcing GST bill all political parties came out in one voice.”
Veteran Congress leader and former prime minister Manmohan Singh struck a cautionary note on the GST Bill when he told ANI that it could be a game changer but can’t assume there will be no difficulties on the way. #casansaar (PTI - IndianExpress)
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