#NewDelhi : One of the most crucial Bills of the PM Narendra Modi and his NDA government, Goods and Service Tax (GST) was tabled in Rajya Sabha today. Modi government is confident of the Bill’s passage today itself. This comes after the government managed to get most regional parties, and crucially, Congress on board. The government has circulated official amendments to the GST Bill which include, dropping the additional 1 per cent tax and a definite provision in the statute for compensating states for revenue loss for 5 years.The proposed GST would subsume various central (Excise Duty, Additional Excise Duty, service tax, Countervailing, Special Additional Duty of Customs, etc.), as well as state-level indirect taxes (VAT/sales tax, octroi, purchase tax, entertainment tax, luxury tax, entry tax, etc). Thereby mitigating double taxation and creating one window for market operations. India Inc is hopeful that with the implementation of GST, the ease of doing business in India would be enhanced substantially. The indirect tax reform is also expected to add greatly to India’s GDP growth. As the Rajya Sabha discusses and debates the GST Bill, more details awaited,
Bureau Report
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