Source: News Bharati English09 Aug 2016 14:16:32
New Delhi, August 9: Industrial body FICCI welcomed the passing of Goods and Services Tax bill in the Lok Sabha. “The approval of the Constitutional Amendment Bill in the Lok Sabha on marks crossing of another milestone in the journey towards introduction of a Goods and Services Tax (GST) regime in the country. Industry eagerly looks forward to the implementation of this uniform and simplified tax regime. It is expected that GST will lead to easy tax compliance and improve India’s competitiveness in the global arena”, said Harshavardhan Neotia, President, FICCI.
“Implementation of GST will be a big incentive for bringing new investments into India and eventually will foster the growth of the Indian economy. FICCI would be privileged to work with and support the Central and State Governments in enabling a timely and hassle-free roll out of GST in India”, added Mr. Neotia.
The government on August 4, 2016 passed the 122nd Constitution Amendment Bill, 2014 to facilitate rollout of the Goods and Services Tax (GST) in the country. The Constitution (122nd Amendment) Bill, 2014 was approved by the Rajya Sabha with 203 votes in favour and none against. Six amendments, including the one on scrapping the 1% additional tax, moved by the government were approved. The new regime will now subsume all indirect taxes including central excise duty and state VAT/sales tax.
The GST Bill is aimed at bringing uniform tax regime in the country by subsuming state levies. Under it, a single rate of GST will replace Central Excise, State VAT, entertainment, entry and luxury taxes to ensure seamless transfer of goods and services. The bill was passed on August 8, 2016 in Lok Sabha.