New Delhi: President Pranab Mukherjee gives nod to four supporting legislation related to Goods and Services Tax.
On March 29, the Lok Sabha passed the four (supplementary) GST Bills that were tabled by Finance Minister Arun Jaitley. It came in the wake of an over 8-hour marathon session in the House that was marked by a lot of tug and pull as the Opposition tried to catch the government off guard as well as point out weaknesses that have been overlooked in its various proposals.
The Finance Minister said he is reasonably optimistic about meeting the July deadline for rolling out GST.
GST has been called the biggest reform in India’s tax laws since Independence. The new law will subsume central excise, service tax, VAT and other local levies to create a uniform market across India. The biggest benefit GST is likely to be the adding of about 2 per cent GDP growth to India, plus also ensure tax evasion is reduced.