The Indian Cabinet of ministers has approved amendments to the Goods and Service Tax (GST) bill, which was suggested by the select panel of Rajya Sabha. As per the new norms, the states for the possible loss of revenues, such as West Bengal and Odisha, would get a full five-year compensation.
The change has been brought because beyond 20 per cent GST is likely to fuel inflation and erode the confidence of consumers in a new indirect tax regime, which is proposed to be rolled out on Apri ..
The change has been brought because beyond 20 per cent GST is likely to fuel inflation and erode the confidence of consumers in a new indirect tax regime, which is proposed to be rolled out on Apri ..
The implementation of GST proposes to replace most central and state levies with one single tax and is projected to add as much as 2 per cent to the country's gross domestic product (GDP).
The bill was already passed by the Lok Sabha and is now pending passage in the Rajya Sabha. Actually, the logjam in the Parliament due an acrimonious face-off between the government and the Opposition has threatened to wash out this monsoon session of the Parliament.
The bill was already passed by the Lok Sabha and is now pending passage in the Rajya Sabha. Actually, the logjam in the Parliament due an acrimonious face-off between the government and the Opposition has threatened to wash out this monsoon session of the Parliament.
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