The historic Goods and Services Tax (GST) regime today came a step closer to meet its July 1 target of rollout, with the Lok Sabha approving four supplementary legislations.
Following bills were passed after negation of a host of amendments moved by the opposition parties:-
Bill No. 57 of 2017 – The Central Goods And Services Tax (CGST) Bill, 2017
Bill No. 58 of 2017- The Integrated Goods And Services Tax IIGST) Bill, 2017
Bill No. 59 of 2017- The Union Territory Goods And Services Tax (UTGST) Bill, 2017
Bill No. 60 of 2017 -The Goods And Services Tax (Compensation To States) Bill, 2017
On the passage of four GST bills in Lok sabha from Krishan Arora, Partner, Grant Thornton India LLP said that “Passing of the four GST bills in the Lok Sabha is indeed one of the most welcoming and historical news that India Inc has been hoping for over a decade. This brings the much awaited era of tax rationalisation and uniformity closer to reality. One would hope now the States also line up passage of state GST bills immediately to bring the legislative process to its logical conclusion. However, considering that the allied rules, rate categorisations, exemptions etc are yet to be finalised, the government should also be mindful of the time that industry would need to smoothly transition into this landmark regime, for which 1 July 2017 deadline seems very tight”
Some of the Tweets on above
https://twitter.com/arunjaitley/status/847123019696766976
I congratulate everyone on the passage of GSTLaws by LokSabha. It is a landmark tax reform since independence.A historic day for all of us.
— Arun Jaitley (@arunjaitley) March 29, 2017
Congratulations to every trader, producer & consumer of goods & services in the country on the passage of historic GST Laws.
— Arun Jaitley (@arunjaitley) March 29, 2017
Historic occasion in Lok Sabha. Four GST bills passed. Fortunate to witness this transformative moment.
— Shaktikanta Das (@DasShaktikanta) March 29, 2017
The hard work put in by GST Council members and officers bore fruits today in terms of 4 classic pieces of legislation passed by Loksabha.
— Dr Hasmukh Adhia (@adhia03) March 29, 2017
My compliments to all those who worked hard in the last 10 years to arrive at this historic milestone in economic history of this country.
— Dr Hasmukh Adhia (@adhia03) March 29, 2017
GST बिल पास होने पर सभी देशवासियों को बधाई | नया साल, नया कानून, नया भारत!
— Narendra Modi (@narendramodi) March 29, 2017
FM Arun Jaitley speaks in Lok Sabha on GST on 29.03.2017
