Sunday, August 21, 2016

Finance Minister Jaitley Bats for the GST Bill

Touted to be the biggest tax reform since the Indian independence, the GST (Goods and Services Tax) Bill is being given that much needed push in the parliament for an early passage. The Finance Minister is leaving no stones unturned in ensuring it gets the nod from both houses during the monsoon session.

He has asked the Rajya Sabha to pass the GST Bill so that states can get their share of service tax. Stressing on this fact, he is of the opinion that the sooner it it enacted, states stand a quicker chance to get their share. The bill contains provisions for states to get a share of 42% from the service tax collections until 2020.

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