Published On : Wed, Aug 3rd, 2016

GST is one of the most reformative tax reforms: Jaitley ushers in Parl debate

Arun jaitley
New Delhi/Nagpur:
Finance minister Arun Jaitley opens the GST debate in the Rajya Sabha.

Highlights…

  • GST is one of the most reformative tax reforms.
  • A reform like GST cannot be passed on partisan consensus.
  • State-Centre needs to work together.
  • 2/3rd of the voting power in the GST council belongs to states, 1/3rd belongs to the Centre.
  • There has been major consensus building that has taken place, extremely thankful to all opposition parties especially Ghulam Nabi Azad, Leader of the Opposition. The large consensus built was absolutely necessary.
  • Merits of the system itself are that it would convert India into one uniform economic market with a uniform tax rate,bring about seamless transfer of goods and services across country, enable us to check evasion.
  • After GST India will be one economic marketplace.

India Inc on Tuesday said it is looking forward to introduction of the much-awaited Goods and Services Tax, saying it would be a very significant step in the field of indirect tax reforms in India. The government has circulated official amendments to the GST bill to drop 1 per cent additional tax and include a definite provision in the statute for compensating states for revenue loss for 5 years as it gears up to discuss the long-pending bill.