News GST Bill All Good To Go, Understand Here What It Is And...

GST Bill All Good To Go, Understand Here What It Is And What Changes Its Going To Bring

After being subject to months of haggling and histrionics, the Goods & Services Tax (GST) finally had its historic day in the Rajya Sabha with the passage of the Bill to amend the Constitution, paving the way for what is popularly referred to as the concept of “one nation, one tax.”

arun-jaitley-rajya-sabha-gst bill
Arun Jaitley – Minister of Finance of India

- Advertisement -

Taxes are without a doubt a troublesome subject for ‘aam aadmi’. It looks like a puzzle of legalese and maths, meaning not a lot. With the GST, the administration is meaning to streamline it for the overall population.

Let me give you a simple idea about GST :

GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.

In much simpler words, the prices that we pay for goods and services have the taxes embedded in them. Mostly, the consumers are not even aware of or ignore the tax they pay for things they buy.

This is because there is a maze of indirect taxes such as sales tax, excise and VAT, which leads to increased complexity. The GST seeks to untangle this and subsume all in one single tax, thereby making India an economically unified market.

GST will reduce the overall tax incidence. Along with it, competition between the players will play a role in the reducing the prices further. This is expected to be beneficial for the consumer. An increase in consumption demand will boost the economic growth.

In the biggest tax reform since Independence, the national sales tax or GST Bill was yesterday approved by the Rajya Sabha.

This will replace a range of different state and local taxes with a single unified value added tax system, and will hopefully boost India to become one of the world’s biggest single markets.

gst bill
The display board shows the result of voting on the GST bill in the Rajya Sabha on Wednesday. Photo: RSTV

Finally the Bill was passed as amended with 203 in favour, none against.

The AIADMK was the only party to oppose the measure and its members staged a walkout ahead of voting.

rajya-sabha-GST Bill

The passing of the Bill was met with a lot of enthusiasm from the Twitterati, even if they weren’t sure about what it is or how it’ll affect them.

Here are some reactions to the GST Bill on twitter :

Now You Can Get the Latest Buzz On Your Phone! Download the PagalParrot Mobile App For Android and IOS

Next Story

Priyanka Gandhi Laughed And Responded “Smriti, who?” People Say She Has Got Her Answer Now

Back in 2014 in Amethi, when Smriti Irani was contesting against Rahul Gandhi in Amethi, Priyanka Gandhi gave her some weird remarks...

Share

Similar Buzz

More From PagalParrot