The GST is a Value-added Tax (VAT) is suggest to be an inclusive indirect tax on the manufacture, sale, and spending of goods as well as services at the national level.
Approval of GST Bill
After Approval of GST bill from the president of India, the government has created the GST council. GST council will decide the rate of GST and rules of the GST for state and central.
It is good news for the Modi’s Government that Honourable President of India has given his approval to GST Bill which is an indirect Tax revolution Bill on 8th of September 2016.
By this, the process of the implication of this Goods and services tax bill has taken a step ahead.
After the clearance of the Bill from Rajya sabha and Lok sabha was a major problem to get it passed from at least 50% of the states in India as early as possible but the same has done in less than a month.
The bill was passed from Lok sabha on 8 august 2016 and before a month the GST bill has already got the approval from the following 17 states.
following are the 17 States where Approval of GST Bill happens:
10. Maharashtra (BJP-Shiv Sena),
11. Haryana (BJP),
12. Sikkim (BJP)
13. Mizoram (congress),
14. Telangana (Congress),
16. Odisha (BJD)
We have shown that Non-BJP government has also taken
initiative to pass the bill from their assembly as early as possible to roll it from next financial year.
This government would like to apply the GST from 1st
April 2017, therefore, the Prime minister itself is looking after the GST committee.
India is a Big country with 29 states with different governments and needs. Therefore there will be dual GST Model. Central GST and
State goods and services tax act. There is always a contradiction about the advantages and disadvantages of the GST in India.
As the rates of Tax is not same in all states and there are different prices from one state border to other. GST in India will make the single price of product and services in all states.
Now we are into the process of GST and there is little to
go for it. If the government will act fast then it will be applicable by April 2017. India wishes that Approval of GST Bill will do As soon as possible.
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