GST Bill Gets 50% States Approval, Now Awaits for President’S Approval [ Current Affairs ]
Much awaited Goods and Service Bill will be now going to approval of President Pranav Mukherjee, after getting minimum number of sates approval when Odisha Assembly has passed the Goods and Services Tax Constitution Amendment Bill with the support of all political parties.
With this Odisha become 16th State to pass GST Bill.
Before GST Bill gets support legislations to Parliament in November 2016, the all-state finance ministers have to approve on GST rate, tax Slabs.
About Goods and Services Tax (GST) Bill:
- GST is complete indirect tax on manufacture, sale and consumption of goods and services throughout India, to replace taxes levied by the Central and State governments to bring uniform indirect tax regime throughout the country.
- The Constitution (122nd Amendment) (GST) Bill, 2014 passed by Rajya Sabha on August 3, 2016.
- It will be significant and game changer economic reform in India.
- GST will simplify indirect Tax structure, Tax Incidence, Tax Computation, Tax Payment, Compliance, Credit Utilization and Reporting of India.
- It will be single indirect tax across the nation which formed unified common market.
- GST will be come in to force from April 2017 and all Tax payers have to be GST compliant to test system changes in time.
Benefits of GST
- Tax rates will gets lower
- Disregard classification disputes
- Multiplicity taxes and their cascading effects will be eliminated
- Tax structure of compliance procedures will be simplified
- Center and State tax administrations will work in coordination so that duplication and compliance costs will be reduce
- Published on: September 5, 2016