Govt set to bring GST Bill in Rajya Sabha today
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The government is set to bring the Goods and Services Tax, GST bill, before the Rajya Sabha today which aimed at reforming of India's indirect tax regime. The bill was last week passed by the Lok Sabha with a two-thirds majority of the members present and voting as required for a constitutional amendment. If approved by the Rajya Sabha, the legislation has to be ratified by at least half the number of 29 Indian states, before the President can put his seal of approval for it to take effect.
The main purpose of the GST bill is a unified regime that will subsume most indirect taxes levied by the central and state governments such as excise duty, service tax, value added tax, sales tax and octroi to facilitate a common market across the country. The Congress, which has a majority in the Rajya Sabha, has said it favours the GST bill, but wants a parliamentary committee to scrutinize the amendments made by the BJP. In the Lok Sabha, where NDA has the numbers, the Congress walked out during voting on the bill.
The main purpose of the GST bill is a unified regime that will subsume most indirect taxes levied by the central and state governments such as excise duty, service tax, value added tax, sales tax and octroi to facilitate a common market across the country. The Congress, which has a majority in the Rajya Sabha, has said it favours the GST bill, but wants a parliamentary committee to scrutinize the amendments made by the BJP. In the Lok Sabha, where NDA has the numbers, the Congress walked out during voting on the bill.
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