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:-
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”
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FM Arun Jaitley speaks in Lok Sabha on GST on 29.03.2017