GST constitutional amendment may be passed in Winter Session of Parliament
The GST, a much-awaited reform to replace multiple indirect taxes with one levy shall be implemented with effect from April 1, 2016 as all preparations including rules, legislation and others have been duly undertaken.
GST will be a very efficient system of tax collection as there will be no scope for tax evasion and tax base would be widened and collection would be much higher under the GST regime for both the Centre and the states.
GST will promote ease of doing business and would boost the GDP by about two per cent.
Safety and security measures shall be taken care of as GST net has already offered the states to come up on information technology at par.
With almost 90 per cent of villages without electricity in India the issue of rural electrification is being addressed to ensure smooth implementation of the GST.
There is consensus to impose purchase tax on agriculture produce and therefore it will come under the purview of the GST.
GST is necessary for India’s economic development. Consumers are paying about 29 per cent both visible and invisible tax, hopefully GST will be on a lower side.”
Rate of service tax will go up from the existing 16 per cent but the exact percentage could be known only after the declaration is made.
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