GST Bill passed at Rajya Sabha

The Goods & Services Tax Bill which was brought in to bring reforms & to unify the taxation system in India was passed with full majority by the Rajya Sabha on 4th August 2016. Now the amendments need to be ratified by the Lok Sabha & by half of the states within 30 days & is planned to be rolled out on 1st April 2017 with the President’s assent.

Views: GST Bill will bring in the following changes-

1.      It will boost investment via cheaper capital goods

2.      At the business sector logistics costs would come down by 30-40% Also GST would bring in a single market & allow various investment decisions.

3.      Manufacturing will become competitive. Thus, boosting “Make in India”.

4.      Also One Tax One Nation will instil confidence in foreign investors. It is likely that GDP will boost by 2%

5.      For the govt., tax collection cost will reduce & because of one tax, administration will be simpler. The govt. is also likely to get higher revenue due to lesser tax evasion. 

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