GST Bill, a historic tax reform

Goods and Service Tax (GST) Bill, which remained in news for almost 10 years, was finally passed in the Upper House of the Parliament, barring the AIADMK, which staged a walkout on the plea that it violated federal structure of the nation, all other, including the Congress voted for the bill. The reason of this long delay in approval of this ambitious bill was petty politics played by some leaders.
The bill was initially introduced by UPA government but could not get approval due to lack of consensus. At present NDA government had also struggled a lot to get this bill passed by making necessary changes as demanded by opposition parties particularly Congress.
The GST bill aims to replace the complex web of indirect taxes in the country with a single GST at a single rate across the state, which will unleash a new era in economic reforms in the country.
The bill would not only give benefit to small and medium entrepreneurs but would also generate more taxes for the government.
The historic bill has multi benefits as it can reduce the operating cost of the business and will lead to lower taxes to be paid by the consumers at the end-level, bringing down the current taxes from 25-30 to 18 percent, besides cutting down large number of taxes imposed by central and state
GST is expected to bring down the cost of logistic significantly, even making inter-state trade smoother because of uniform tax rate, which will facilitate faster movement of goods across the country and help bring down cost of e-commerce companies.
The credit of this much awaited bill goes to our visionary Prime Minister Narender Modi for taking on board all opposition parties and building consensus before passing the bill in Rajya Sabha.
This is also the fine example of successful democracy when all parties come together on any issue for greater interest of the nation.
Thanking all opposition parties for extending support to this historic bill, Prime Minister has also rightly termed as the best example of co-operative federalism. He also gave credit to all opposition parties for passing this bill.
Moreover it is dream of our PM to put the country on fast track of growth and glory. The slogan of ‘Sab Ka Saath, Sab K Vikas’ can be possible if all parties support to any issue related to development of the country, cutting across their party ideology.
After approval from Rajya Sabha the bill is to be taken up at Lok Sabha.
After mere the formality of its passage in the Lok Sabha for an approval, it will have to be considered and approved by a majority of state assemblies before it can be sent to the President for assent.
As far as our state government is concerned, it has constituted a high level committee to study its implication for the state.
We hope that the committee would take early decision and would come out with positive proposal in the best interest of the state.

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