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Saturday, 6 August 2016

Lok sabha to consider the constitutional Amendment bill relating to GST next week

The passing of the Constitution Bill,2014 relating to Goods & Services Tax (GST) by huge consensus in the Rajya  Sahbha was the hallmark of the third week monsoon session of parliament .The amendment made by Rajya  sabha in the Constitution Bill 2016as passes by loksabha and reported by the select Committe of rajya sabha, have been noiw laid on the table of the loksabha will be taken up by the House next week
The Rajya sabha passed five more Bills during the last week which include institution of Technology bill,2016 Benami Transection Bill,2016 an indian madical council Bill 2016 Dentists Bill 2016 and national insitution of technology, Science Education And Redearch Bill,2016 All these Bill have already been passed by the lok sabha. The upper house ,During the week also held Discussio on devlopment in stats of Uttarakhand and Arunachal pradesh leading to divesion of money From Employes Provident Found to stock market.
Congress demand on the GST bill a Cap to be included on the GST rate at 18 % deletion of the provision which allows impositio of 1% tax by additional levy, and independent dispute resolution mechanism.
The government has circulate official to the GST bill to drop rate to drop 1% additional tax and include a definite provision in the statute for compensating states for revenue loss for the period of 5 years

The bill lower the burden of indirect tax on the goods, Which accounts to nearly 25to30 % To get all indirect taxes levide by the centre and state under one roof will make the indian tax system strong as it will avoid cascading and double taxation issue and given a indian companies an upper han and make them competitve in the Intrnational market.GST will be a big booster to the manufacturring sector. However, the implication of the bill will take atlest a minimume of the half year to fall in place getting a green signal from rajya sabha