In the Union Cabinet Meeting on Monday the supporting legislations got a nod for implementing Goods And Service Tax(GST) which cleared the way for the bills to be presented in Lok Sabha this week.

The Central GST bill, the Integrated GST bill, the Union Territory GST bill and the bill to compensate states for revenue losses arising from a transition to the GST got approval from the cabinet. Since many clauses of the bill requires cross referencing, the government has planned to put these four GST bills together in Parliament.

The state GST bill has been sent to the states in order to get approval by the respective state legislatures. All these four legislations together are termed as money bills and ready to be presented in parliament within the planned time passage.

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The money bill needs the nod in Lok Sabha where ruling alliance is in majority. The house where NDA is in minority that is Rajya Sabha only has powers to make recommendation and changes on the bill which can Lok Sabha either accept or reject. Further, Parliament would presume the bill is passed if Rajya Sabha does not return the bill to Lok Sabha within 14 days.

This ambitious indirect tax regime aims to remove obstacles and barriers across states and establish the country as united in common market which makes it much awaited bill by the industry.

Know What GST Means Literally…

 

 

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