Keeping the spirit of “One Nation, One Tax, One Market”, the Hon’ble Finance Minister, Sh. Arun Jaitley presented the Constitution (122nd Amendment) Bill, 2014 on GST on August 08, 2016 in the Lok Sabha, which was passed by the Rajya Sabha on August 3, 2016 with certain key amendments.
The Lok Sabha had unanimously passed the GST Bill with all 443 members present in the Lower House of the Parliament voting in favour of the Bill, ratifying last week’s green signal by Rajya Sabha members. However, AIADMK leader P. Venugopal staged a walk-out unhappy with the clarifications presented by Finance Minister, Shri. Arun Jaitley on the GST Bill.
The proposed goods and services tax (GST) is one of the most significant reforms since India opened its economy 25 years ago and the revamping of the tax system since the country’s independence in 1947.
According to the Hon’ble Prime Minister, Sh. Narendra Modi passing of GST is not a win for a particular party but a collective effort of earlier and existing parties. The Prime Minister promised freedom from tax terrorism to Indian corporations once the GST is implemented. He explained GST as
Great step towards transformation and transparency
The finance ministry aims to roll out the GST from next April. Meeting the self-imposed deadline which is certainly stiff. But it is still better to have a deadline.