Its a big day for all of you!!
Goods and Services Tax finally got the green signal to run on your life track.
After years of deliberation, the GST, touted as the biggest tax reform in Indian history since independence, has finally seen the light of day.
The Rajya Sabha today overwhelmingly passed the 122nd Constitution Amendment Bill to facilitate rollout of the Goods and Services Tax (GST) in the country with 203 votes in favour and none against, after a seven-hour debate during which a rare bonhomie was witnessed among the ruling and the opposition parties.
The GST Bill is aimed at bringing uniform tax regime in the country by subsuming state levies. Under it, a single rate of GST will replace Central Excise, State VAT, entertainment, entry and luxury taxes to ensure seamless transfer of goods and services.
Now, the Bill will again go to the Lok Sabha and then ratified by at least 50 per cent of the states Legislative Assemblies, to become a law.
WHAT OUR FINANCIAL MINISTER SAID ABOUT IT!!
Replying to over six hour long debate on the Bill, Finance Minister Arun Jaitley said the government will try for the most reasonable rate for GST.
He said with GST, system will become more efficient and there will be no tax on tax and evasion will become more difficult. He also dismissed the apprehension of members that Centre will have veto power in the proposed GST Council saying it would have only one third weightage in it.