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Samrat Engineering Works Morbi Gujarat India welcome to GST tax system of by PM Mr. narendara modi of good desion. Who is What is facbook twitter googlepluse Monsoon session of Parliament might pass GST Bill. What does it mean to you and me? The Good and Services tax is the biggest indirect tax reform since 1947 and it has potential to lead the economic integration of India. This Monsoon session of Parliament might succeed in passing the GST Bill. IndiaToday.in | Edited by KC Archana New Delhi, June 15, 2016 | UPDATED 16:41 IST A +A - Monsoon session of Parliament might pass GST Bill. What does it mean to you and me? We hoped the GST Bill will be functional by April 1 this year, but it's still stuck in the Rajya Sabha where the ruling government has no majority. If the GST Bill is passed, there will be only one centralised tax that and will replace plethora of indirect taxes currently imposed. The GST Bill was proposed to streamline the process of taxation and to make it easier and more effective. Finance Minister Arun Jaitley met with state finance ministers in Kolkata, and said that 'virtually all states' except Tamil Nadu have backed the proposed GST Bill. He urged PM Modi to meet Tamil Nadu CM Jayalalithaa and convince her to extend support for the bill. PM Modi met Jayalalithaa yesterday for the first time post her election win. Tamil Nadu CM is of the opinion that in its present form, the GST Bill will affect the autonomy of the TN government. What is the function of this Bill? As Finance Minister Arun Jaitley puts it, the GST bill will lead to the economic integration of India. The main function of the GST is to transform India into a uniform market by breaking the current fiscal barrier between states. Thus the GST will facilitate a uniform tax levied on goods and services across the country. Currently, the indirect tax system in India is complicated with overlapping taxes levied by the Centre and the State separately. Framework of the GST will replace indirect taxes The GST will have a 'dual' structure, which means it will have two components- the Central GST and the State GST. They will both have separate powers to legislate and administer their respective taxes. Thus equally empowering both. Taxes such as excise duty, service, central sales tax, VAT ( value added tax), entry tax or octroi will all be subsumed by the GST under a single umbrella. With passing of the GST bill, we can expect a climate of improved tax compliance. Thus, the GST will basically have only three kinds of taxes, Central, State and another called the integrated GST to tackle inter-state transactions. When is the proposed GST set to start functioning and what are the hurdles? The GST regime is intended to be functional from 1st April, 2016. The first mention of the bill was in 2009 when the previous UPA government opened a discussion on it. They were successful in introducing the bill but failed to get it passed. On December 17, 2014, the NDA government made slight changes to it and redefined it in the Lok Sabha. The bill got cleared on May 6 this year. However the current challenge facing the bill is that it needs two-third majority of both houses and 50 percent of the state assemblies will have to ratify it. The bill is now stuck in the Rajya Sabha, because the current government does not hold a majority here. The role of the opposition The Congress demands for reforms in key areas of the GST has been stalling the process of passing the bill. Three main concerns of the Congress over the bill are: -one per cent additional tax as goods move across states. -the constitutional cap of 18 per cent and an independent dispute redressal mechanism. -the party has maintained that the government was ignoring the concerns raised by the party on the legislation. welcome GST TAX
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