Govt pushes for GST

In the rush to meet the deadline of implementing GST by April 1st 2016, Govt is pushing hard for a passage of the bill soon.
Govt pushes for GST

The government is determined to move the Goods and Service Tax bill for a passage soon. Despite some states demanding compensations, the government is appearing to be determined to push the bill which is to be rolled by 1st April 2016.

"In view of the near unanimous support of states, that it is going to be a win-win situation for all, we will go ahead with the Constitution amendment in the current session of Parliament," said Finance Minister Arun Jaitley.

In the process government will give a notice to Lok Sabha for the bill to be taken up soon, the minister told the media after a meeting with finance ministers of 18 states.

"There is general consensus regarding GST implementation. Most of the states welcome it because there is only advantage in passing the GST bill," the minister added. He is quite optimistic of April 1, 2016 target. 

For GST to be implemented, a constitutional amendment is needed as states currently do not have powers to tax services while the Centre cannot levy sales tax. GST is a combined levy that will replace most of the indirect taxes levied by the states. 

The GST is expected to add 1-2 per cent to the GDP by creating a national market for goods and removing distortions caused by multiple indirect taxes levied by the Centre, states and local bodies. 

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