The passing of the
Constitution Bill,2014 relating to Goods & Services Tax (GST) by
huge consensus in the Rajya Sahbha was the hallmark of the third
week monsoon session of parliament .The amendment made by Rajya sabha
in the Constitution Bill 2016as passes by loksabha and reported by
the select Committe of rajya sabha, have been noiw laid on the table
of the loksabha will be taken up by the House next week
The Rajya sabha
passed five more Bills during the last week which include institution
of Technology bill,2016 Benami Transection Bill,2016 an indian
madical council Bill 2016 Dentists Bill 2016 and national insitution
of technology, Science Education And Redearch Bill,2016 All these
Bill have already been passed by the lok sabha. The upper house
,During the week also held Discussio on devlopment in stats of
Uttarakhand and Arunachal pradesh leading to divesion of money From
Employes Provident Found to stock market.
Congress demand on
the GST bill a Cap to be included on the GST rate at 18 % deletion
of the provision which allows impositio of 1% tax by additional levy,
and independent dispute resolution mechanism.
The government has
circulate official to the GST bill to drop rate to drop 1% additional
tax and include a definite provision in the statute for compensating
states for revenue loss for the period of 5 years
The bill lower the
burden of indirect tax on the goods, Which accounts to nearly 25to30
% To get all indirect taxes levide by the centre and state under one
roof will make the indian tax system strong as it will avoid
cascading and double taxation issue and given a indian companies an
upper han and make them competitve in the Intrnational market.GST
will be a big booster to the manufacturring sector. However, the
implication of the bill will take atlest a minimume of the half year
to fall in place getting a green signal from rajya sabha
