Published: Tue, August 09, 2016
Economy | By Melissa Porter

Rahul Gandhi hails passage of GST, expresses concern over cap rate

The Bill got 443 votes in favour and none against, after the All India Anna Dravida Munnetra Kazhagam (AIADMK) staged a walkout before the division, as it had done in the Upper House.

After the amendments are carried out, Parliament will pass the GST and Integrated GST Bills and the assemblies will pass state GST Bill for the roll out of the tax reform in the country. Kentucky. would also lower barriers to doing business across state lines and. kids were some of likened it to the creation of the single market you're you. Dezan Shira is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in China, Hong Kong, India, Vietnam, Singapore and the rest of ASEAN. Their licensing schemes differ from each other while their tax systems are not interconnected.

Modi also sought to counter the perception that GST will lead to inflationary pressures.

The Prime Minister said that the consensus over GST is proving that "Rashtraneeti is above Rajneeti (national issues are above politics) in India".

Once the constitution amendment bill receives the President's nod, a GST council will be set up that will finalize the design of GST, including issues such as the tax rates, revenue thresholds and steps to prevent dual control over traders.

"The GST Council will work on the functional modalities".

The constitution amendment bill is an enabling measure which will pave the way for the GST regime. In light of the Model GST laws released in June 2016 and business process reports released previous year, companies should start assessing the GST impact on their business operations.

The suggestion on cap was adopted by Congress after 2015, when the bill went to the Rajya Sabha, Arun Jaitley said.

GST will broaden the tax base, which is necessary for lowering the tax rates and eliminating classification disputes.

The Lok Sabha, during the third week of the session, passed the Enforcement of Security, Interest and Recovery of Debts, Loss and Miscellaneous Provisions (Amendment) Bill.

Prasad said, "The e-tailers need to adapt to the new model wherein the state where the package is delivered gets the respective tax for the sale and not necessarily from where the order is booked".

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The Prime Minister asserted that small businesses will also gain tremendously from GST, and will feel more secure with GST. "It would be interesting times ahead w it h considerable changes to the ERP systems of E-commerce players to accommodate the requirements of GST", he said. "It helps in strengthing democracy", he said.

Our aim is "Economical and educational empowerment of the poor".

Experts welcomed the bill's clearance by Parliament. Saying the government wanted to bring in uniformity in taxes with GST, the PM said, amid thumping of desks: "The message is clear: the consumer is king".

A standard tax rate near 18 per cent under the Goods and Services Tax (GST) will prove to be an ideal one and in all probability, will not stoke significant inflation as assumed by many, the Confederation of All India Traders (CAIT) said on Sunday.

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