August,3,2016:
GST Bill finally sails through to become a Law.
Today, Rajya Sabha passed the Goods and Services Tax (GST) Constitutional Amendment Bill which has been already passed by the Lok Sabha last year.
Exact Rate of the tax will be decided in the coming weeks.
GST's main objective is to eliminate excessive taxation.
GST is thus a uniform indirect tax levied on goods and services across a country.
Many developed nations Tax the manufacture, sale and consumption of goods using a single, comprehensive tax.
Arun Jaitely stated in Lok Sabha that GST bill would empower the states and thus would increase the revenue of states as well as Centre.
It would ensure that there is 'No Tax On Tax'.
Congress-led UPA government who had introduced the bill for the first time in 2011.
But the Bill could not be passed due to opposition's disagreement.
Then BJP-led NDA introduced another version of the bill in 2014 but it was not passed as opposition had disagreement on certain provisions in the Bill.
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Read the Text Here- Goods and Services Tax (GST) Bill,2016
Goods and Services Tax (GST) Bill,2016 ( Unamended)
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