After a long eight-hour debate in Lok Sabha, Long awaited GST or Goods and Services Tax bill is passed by the session of Lok Sabha. Government will launch the bill on July 1, 2017. This is biggest tax reform since Independence of India as claimed by Government.
GST will destroy all the indirect taxes levied by the Centre Government and State Governments and a single GST tax will apply through out the country. This will simplify the tax procedure for both government and public.The bills will now be presented in the Rajya Sabha or Upper House of Parliament. During his speech, Union Finance Minister Arun Jaitley said, “We seem to be on time… (we are) reasonably optimistic about meeting the deadline”.
During Congress Government Bhartiya Janta Party Opposed the Bill.But now opposition’s objection to a GST with multiple rate slabs, the Finance Minister said, “If there are no multiple rates, it will become a highly regressive tax… Some goods are essential for the poor.”
To illustrate his point he said, “A BMW and Hawai chappal (slippers) can’t have the same tax. What is the good, who uses it, matters.” As claimed by BJP Government One Nation One Tax will help India in its Economical Growth and it will have a positive affect on Our Economy.