LS approves GST Bill

SMS VARANASI

i. The long-pending GST bill was approved by Lok Sabha after a walkout by Congress even as government vowed to compensate states for any revenue loss and assured that the new uniform indirect tax rate will be much less than 27 per cent recommended by an expert panel.
ii. The Constitution Amendment Bill to implement the Goods and Services Tax (GST), originally mooted by the UPA, was passed by 352 votes against 37 after the government rejected the opposition demand of referring it to Standing Committee.
iii. By subsuming most indirect taxes levied by the central and state governments like excise, service tax, VAT and sales tax, the pan-India goods and services tax (GST) regime has proposed to facilitate a common market in the country.
iv. Taxes on alcohol make up a major chunks of state revenues — for instance, in Kerala it contributes 22 percent of revenue, while in Tamil Nadu it yields about Rs.21,000 crore per year.

SMS VARANASI

 

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