Goods and Services Tax – GST – By: – Bimal jain – Dated:- 18-8-2016 Last Replied Date:- 18-8-2016 – With a strong pitch for one nation one tax , the Hon ble Finance Minister, Shri. Arun Jaitley presented, on August 8, 2016, in the Lok Sabha, the Constitution (122ndAmendment) Bill, 2014 on GST ( 122nd CAB or GST Bill ), which was passed by the Rajya Sabha on August 3, 3016 with certain key amendments, that enables the GST in the country. The Lok Sabha has unanimously passed the GST Bill with all 443 members present in the Lower House of the Parliament voting in favour of the Bill, ratifying earlier nod by Rajya Sabha members. However, AIADMK leader P. Venugopal staged a walk-out unhappy with the clarifications presented by Finance Minister, Shri. Arun Jaitley on the GST Bill. GST can't be seen as a victory of a party or government, it is victory for democratic ethos of India and a victory for everyone, Hon ble Prime Minister, Shri. Narendra Modi said. The Prime Minister promised fr
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tee of Rajya Sabha which had submitted its Report on 122nd CAB on July 22, 2015. The GST Bill was introduced in Rajya Sabha in May last year where it has been pending because of consensus to be emerged between ruling and opposition party over certain provisions viz. Dropping of 1% additional tax on Inter-State sale of goods, Capping of GST rate in 122nd CAB, Forming of dispute resolution authority. The key to forging consensus was the amendments the National Democratic Alliance (NDA) effected in the GST Bill, a copy of which was circulated among Rajya Sabha members on August 2, 2016, which importantly includes, dropping of 1% additional tax on Inter-State Sale of goods and a definite provision in the statute for 100% compensating the States for any revenue loss for 5 years, amongst others. Since there were key amendments in the original draft of the GST Bill that was passed in the Lok Sabha last year, the GST Bill is, once again, sent back to the Lok Sabha, which has finally been passe
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es. Passage of the 122nd CAB in the Parliament is being seen as a big victory for the Narendra Modi government. The next big challenge for the government is to get the States on board and get rest of the process going as quickly as possible to meet the deadline of implementation of GST by April 2017. These steps would require a lot of time, patience and constant deliberations both at the States and Central Government level along with substantial engagement with the industry bodies, traders, service providers and almost every local trade bodies and associations. The GST roll-out deadline of April 1, 2017, is certainly stiff. But it's still better to have a deadline Shri. Arun Jaitley, Finance Minister Video presentation on key aspects of Model GST Law: Watch the video presentation on Draft GST Law – Levy, Taxable Event: Supply, Taxable Person, Composition Scheme at https://www.youtube.com/watch?v=XrWHZMZf8GQ to enrich knowledge regarding the key takeaways of the Model GST Law and th
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