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The crucial constitutional amendment bill preparing the ground for the Goods and Services Tax has been passed by the <keyword id="48510" type="ORGANIZATION" weightage="20" keywordseo="Rajya-Sabha">Rajya Sabha</keyword> today with 187 votes in favour of the amendment, paving the way for the most far-reaching tax reform in India to be brought into power. 
 
Rajya Sabha unanimously passed the 122nd constitutional amendment with a total of 187 votes in favour, with 9 votes against it. 
 
This will end a <a href="http://www.businessinsider.in/Indian-companies-unprepared-for-GST/articleshow/53519404.cms">cumbersome regime of multiple taxes on goods and services </a>and bring them under one rate. This one-stop tax move will cover 17 taxes like central excise duty, state-level taxes like, VAT or sales tax, entertainment tax, entry tax, purchase tax, luxury tax and octroi. The move will create uniformity in taxes across states, increasing efficiency &amp; compliance and also <a href="http://www.businessinsider.in/GST-will-bring-new-era-of-development-economic-reforms-Amit-Shah/articleshow/53527851.cms">boost Modi government's big push</a> towards ease of doing business. 
 Following the passage of the amendment today, the draft legislations for the Central GST and IGST will be tabled in the <keyword id="6354721" type="ORGANIZATION" weightage="20" keywordseo="parliament">Parliament</keyword> in November. The CGST and the IGST bills will have the details of the GST including key provisions like what the standard rate of tax will be, what the compensation mechanism will be as well as what the dispute redressal mechanism will be. 
 
<a href="http://www.businessinsider.in/GST-bill-amended/articleshow/53428298.cms">The Centre had earlier managed to iron out some differences </a>with the states over<a href="http://www.businessinsider.in/GST-decoded-Heres-how-common-man-corporate-are-going-to-benefit-from-GST/articleshow/53521455.cms"> GST's implementation</a>. It dropped 1% manufacturing tax to ensure GST does not lead to revenue loss for the states, decided to provide a guarantee to compensate states for any revenue loss in the first 5 years of GST rollout, promised to work on a GST rate that cushions blow to the common man and also protect the revenue generating capacity of the states, agreed on dual control which means Centre will not have control to tax businesses with a turnover below Rs 1.5 crore, and promised to create space for a dispute redressal system for the states. 
 However, there were three demands in particular being debated by the Opposition today. Focus was on the tax rates. While GST rate was not be capped in the Constitution Amendment Bill, the <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword> had sought “legal ring-fencing” of the rates to insulate common citizens and small businesses from possible adverse impact from the high indirect tax rates. States also wanted a provision to ensure that their revenue is not hurt. <keyword id="43940" type="PERSON" weightage="20" keywordseo="P-Chidambaram">P Chidambaram</keyword> asked Arun Jaitley to include 18 per cent GST rate in the amendments itself and the Opposition parties demanded the <keyword id="387846" type="UNKNOWN" weightage="20" keywordseo="GST-Bill">GST Bill</keyword> to be brought as a Money Bill that would give Rajya Sabha the power to debate it. 
 
Arun Jaitley assured the House that the rate would be fixed with consensus, but failed to assure that the GST Bill would be introduced as a Money Bill. Even as Opposition expressed displeasure arguing the Finance Minister was not under any obligation to introduce it as a Money Bill and could assure, however, despite no assurance it passed the 122nd constitutional amendment as agreed, thereby clearing the biggest hurdle for GST to come into force. 
 
(Image credit: Reuters)

Breaking News: Parliament clears India's biggest tax reform since Independence, GST finally a reality

The <keyword id="1062299" type="ORGANIZATION" weightage="80" keywordseo="Rajya-Sabha-Select-Committee">Rajya Sabha Select Committee</keyword> on Wednesday endorsed most of the provisions of the <a href="http://www.businessinsider.in/Why-GST-is-a-crucial-litmus-test-for-the-government/articleshow/47248157.cms">Goods and Services Tax (GST) Bill</a> in the Parliament, while agreeing to demands of parties like TMC for providing five-year compensation to states. 
 
Headed by BJP's Bhupender Yadav, the panel in its report suggested changes in clauses pertaining to compensation and levy of 1% additional tax by states on inter-state supply of goods, reported news agencies. 
 
The report, however, is not liked by the <a href="http://www.businessinsider.in/RaGa-hibernates-Congress-waits/articleshow/46783239.cms">Congress</a>, AIADMK and Left parties. They have expressed their disapproval over the <keyword id="6354679" type="ORGANIZATION" weightage="100" keywordseo="GST">GST</keyword> Constitution Amendment Bill in the existing form. 
 
The bill has been approved by the <a href="http://www.businessinsider.in/Lok-Sabha-passes-GST-Amendment-Bill-paving-way-for-GST-Bill-in-Parliament-soon/articleshow/47174944.cms">Lok Sabha</a>. It will now have to be taken up in the <keyword id="122785" type="ORGANIZATION" weightage="80" keywordseo="Upper-house">Upper House</keyword> for its passage. As it is a Constitution Amendment Bill, the bill has to be approved by two-third members in the Rajya Sabha. 
 
The ruling <a href="http://www.businessinsider.in/BJP-to-follow-in-Congress-footsteps-for-a-change-Know-more/articleshow/47970564.cms">NDA government</a> does not enjoy majority in the <a href="http://www.businessinsider.in/Day-1-of-monsoon-session-Rajya-Sabha-proceedings-disrupted-over-Lalit-Modi-issue/articleshow/48158090.cms">Rajya Sabha</a> and will need support of regional parties and allies for passage of the bill. 
The committee has suggested that the provision in the bill that provided Centre "may" compensate states for a period up to five years for any revenue loss to be substituted by a commitment for compensation for five years. 
 
In a clause relating to levy of 1% additional tax by states, the panel recommended that the levy should only on "all forms of supply made for a consideration". 
 
It, however, retained the representation of the Centre and states at the proposed level at one-third and two-third despite demand to reduce Centre's representation to one-fourth. 
 The government plans to roll out a single-rate GST by April 1, 2016. The GST, which is being touted as the biggest reform in the indirect <keyword id="6383566" type="PERSON" weightage="60" keywordseo="Taxation">taxation</keyword> since independence, would subsume levies like excise, service tax, and other local levies. 
 
"Administratively we are taking all steps both Centre and states to meet April 2016 deadline. Effort would be to have reasonable rate of GST so that GST experience is a successful experience for the whole country," Revenue Secretary Shaktikanta Das told reporters here. 
 
(Image: Indiatimes)

Rajya Sabha panel gives thumb up to almost all the provisions of GST Bill

With the <keyword id="3206186" type="UNKNOWN" weightage="20" keywordseo="Union-Budget-2016">Union Budget 2016</keyword> just around the corner, India Inc and tax experts across the country are pinning their hopes on the NaMo government to give better clarity on the much deferred Goods and Services Tax (<keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword>). While the corporate are hoping to see this new tax structure in place by April 2016, here’s a little reality check. 
 
According to tax experts, looking at the current scenario of this impending bill, it doesn’t seem that the government will be able to introduce the bill on April 1, 2016. This is simply because the future of 122nd <keyword id="407259" type="UNKNOWN" weightage="20" keywordseo="Constitution-Amendment-Bill">Constitution Amendment Bill</keyword>, which was introduced by the government and passed in the Lok Sabha in May last year, is still in doldrums. 
 
The Constitution Amendment Bill 2014, which was introduced after extensive discussions between the Central government and the state governments, aimed at bringing parity in the revenue sharing and autonomy that will be given to the state governments under the GST. However, the Bill which was passed with a thumping majority in the Lok Sabha, failed to clear the tables in the Rajya Sabha. 
 Following dissent notes by the <keyword id="6360456" type="COMPANY" weightage="20" keywordseo="opposition">Opposition</keyword> and the complete washout of the Monsoon Session in 2015, the bill was not passed in the Winter Session as well. And unless, this bill is not cleared, GST will not be able to see the light of the day. 
 
Currently, tax experts are divided on the expected time of implementation of GST. While some say it is expected to come into exercise by October 1, 2016, many others are of the view that it will only be implemented by April 2017. Until then, it seems India Inc will have to follow the complex tax structure that currently mars the ease of doing business in the country.

Budget 2016:
This is why GST will not be implemented by April 1, 2016!

<keyword id="48510" type="ORGANIZATION" weightage="100" keywordseo="Rajya-Sabha">Rajya Sabha</keyword>’s agenda for the next week has finally included the much-awaited <keyword id="387846" type="UNKNOWN" weightage="100" keywordseo="GST-Bill">GST bill</keyword> for consideration and passage. Mukhtar Abbas Naqvi, the Minister of State for Parliamentary Affairs, told this to reporters. 
 
Naqvi was telling the reporters about government business for the week starting August 1 in the Upper House, when he talked about the Constitution (122nd Amendement) Bill, 2014. 
 
It was on July 27 that the Cabinet had cleared changes in the legislation, in which it dropped the controversial 1% manufacturing tax, thus guaranteeing the compensation to states for any revenue loss in the first five years after GST is rolled out. 
 Before the Monsoon Session of Parliament ending on August 12, the government wants to get the GST Bill approved, which has been passed by the <keyword id="6355187" type="ORGANIZATION" weightage="100" keywordseo="Lok-Sabha">Lok Sabha</keyword> in May 2015. 
 
However, because of Congress seeking certain changes in the bill, it has been stuck in the Upper House. 
 
<a href="http://top10wala.in/wp-content/uploads/2014/12/rajya-sabha-facts.jpg">Image source</a>

Next week’s agenda of Rajya Sabha FINALLY has a place for GST bill

An all-party meeting convened by <keyword id="48510" type="ORGANIZATION" weightage="80" keywordseo="Rajya-Sabha">Rajya Sabha</keyword> Chairman <keyword id="6491214" type="PERSON" weightage="100" keywordseo="Hamid-Ansari">Hamid Ansari</keyword> today failed to break the impasse on the passage of the <a href="http://www.businessinsider.in/searchresult.cms?query=GST+bill">GST bill</a>, however, Ansari still called the meeting good because members of the Upper House decided to pass six other pending bills in the remaining period of three days of the Winter Session. 
 
"There has been a very meaningful discussion in the meeting. A number of parties have expressed concern over <a href="http://www.businessinsider.in/searchresult.cms?query=Parliament+">Parliament</a> not functioning. All of them decided that the House should function. It has been decided to pass the pending government bills even by sitting for late hours," Minister of State for Parliamentary Affairs Mukhtar Abbas Naqvi told reporters after the meeting. 
 Asked about the crucial <keyword id="6354679" type="ORGANIZATION" weightage="100" keywordseo="GST">GST</keyword> bill, Naqvi said that Finance Minister <a href="http://www.businessinsider.in/searchresult.cms?query=Arun+Jaitley+">Arun Jaitley</a> made an appeal to the opposition to pass the constitution bill as well in the conducive atmosphere that has emerged after the meeting. 
 
"But, I don't think the main opposition party has an agreement on this. They have not cleared their position," he said. 
 
In the meeting, the members decided to pass the SC/ST (Prevention of Atrocities) Amendment Bill, the Appropriation Bills, the Anti Hijacking Bill, the Atomic Energy Amendment Bill, the Commercial Courts Ordinance Bill and the Arbitration and Conciliation Amendment Bill during the next week, sources said. 
 
Leader of Opposition Ghulam Nabi Azad said, "nothing new was discussed at this meeting apart from what was discussed at the Business Advisory Committee (BAC) meeting." 
 
When asked whether Congress has agreed to passage of some bills, he said that some of the bills on which his party has committed support like the SC/ST bill will be passed alongwith Appropriation Bill. 
 
"There is no decision on GST," Azad said. 
 
Sources add that it was also decided that three bills - the Child Labour (Prohibition and Regulation) Amendment Bill, the Whistle Blowers Protection Amendment Bill and the Juvenile Justice (Care and Protection of Children) Bill, will be discussed during the remaining period but the course of action will be decided upon later. 
 
During the meeting it was also decided that discussions on matters of public importance like price rise, impact of flood and drought on agriculture, intolerance and a discussion on the developments in Arunachal Pradesh will also be taken up during the last three days. 
 
Naqvi said that members have agreed to compensate for the loss of legislative business in the House by working for extra hours during the last days. 
 
Asked if the issue of giving more powers to Rajya Sabha Chairman to act against members disrupting the House was discussed at the meeting, he replied in the negative.

No consensus on GST at all-party meet convened by Vice President Hamid Ansari

In order to break the deadlock on goods and services tax (<keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword>), <keyword id="161813" type="POSITION" weightage="20" keywordseo="Union-finance-minister">Union Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> will meet finance ministers of states. The Narendra Modi-led government is keen to implement GST in the next financial year in a bid to accelerate <keyword id="47276" type="UNKNOWN" weightage="20" keywordseo="Economic-growth">economic growth</keyword>. 
 
As per media reports, the deal is likely to be clinched soon and the government intends to introduce a constitutional amendment bill for this in the ongoing session of Parliament. "Most states are on board. Just a couple have concerns and the minister will address those in meetings over Monday and Tuesday," The Economic Times quoted a senior Finance Ministry official. 
 
"The matter (GST) was discussed elaborately. The discussions are moving in a positive direction," Empowered Committee Chairman Abdul Rahim Rather said. Since crude oil prices have fallen to $60 per barrel, the Finance Ministry can now use the savings to compensate states after GST gets implemented. 
 
According to some estimates, GST is likely to contribute two percentage points to India’s GDP growth. It was originally meant to be implemented on April 1, 2010.

GST Tangle: Arun Jaitley To Hold Discussions With State Finance Ministers

The long-delayed <a href="http://www.businessinsider.in/searchresult.cms?query=gst+bill&amp;sortorder=effectivedate">GST Constitution bill</a> was passed by <keyword id="6354721" type="ORGANIZATION" weightage="100" keywordseo="parliament">Parliament</keyword> on Monday, marking a historic step for tax reforms. Prime Minister <a href="http://www.businessinsider.in/searchresult.cms?query=narendra+modi&amp;sortorder=effectivedate">Narendra Modi </a>said GST was "crucial" for ending tax terrorism besides reducing corruption and black money. 
 
The GST will make consumer the "king", PM Modi said thanking all parties for their support to the Bill. 
 
The Constitution (122nd Amendment) Bill, which was passed by the <a href="http://www.businessinsider.in/searchresult.cms?query=lok+sabha&amp;sortorder=effectivedate">Lok Sabha</a> in May 2015, was taken up again by the Lower House to approve the changes made in it by the Rajya Sabha last week. 
 
The government had moved six official amendments, including scrapping of 1 per cent additional tax, to the bill which were approved by the Upper House. 
 
After a six-hour debate, the Lower House passed the bill with all the 443 members present voting in favour after AIADMK members staged a walkout while opposing the measure. 
 
PM Modi+ , while intervening in the debate, said the passage of the Bill reflected "maturity" of the Indian democracy as such a crucial legislation was approved with consensus rather than on the basis of numbers. 
 
He hailed it as a "great step by team India" that will help transform the economy, bring in transparency and bring in the system of "one country one tax". 
 
He emphasised that the passage of the bill by Parliament was not a victory of any party or government but was everybody's victory as it highlighted the success of the democratic ethos of the country. 
 
Jaitley, while replying to the debate, said the tax rate under the GST regime will be kept at "minimum workable rate" as no state government can annoy its people by having a higher rate. He said the rate will be decided by the GST Council. 
 He, however, virtually ruled out an assurance that the GST legislation will not be brought as Money Bill, a key demand of opposition <keyword id="1575" type="ORGANIZATION" weightage="100" keywordseo="Congress">Congress</keyword>. 
 
The bill will now have to be ratified by at least 16 of the 29 state assemblies, which the Prime Minister hoped would be done at the earliest. 
 
"A memorable day for our democracy. Today we have taken a historic step in the journey to free the nation from the menace of tax terrorism," the Prime Minister tweeted later. 
 
"GST will benefit the consumer and small business, which are our nation's strength. Due to GST transparency will be enhanced. Its a win-win," he added. 
 Describing the passage of the bill as victory of democracy, Modi, while speaking in <keyword id="6355187" type="ORGANIZATION" weightage="100" keywordseo="Lok-Sabha">Lok Sabha</keyword>, coined the GST in a new manner -- 'Great Step by Team India', 'Great Step towards Transformation', 'Great Step towards Transparency'. 
 Noting that the <keyword id="387846" type="UNKNOWN" weightage="100" keywordseo="GST-Bill">GST bill</keyword> had been firmed up after thorough "churning of ideas", he expressed happiness that it was being passed through an unprecedented consensus. 
 Modi said he had held consultations with his predecessor <keyword id="6359397" type="PERSON" weightage="100" keywordseo="Manmohan-Singh">Manmohan Singh</keyword> and Congress president Sonia Gandhi on the issue, giving equal importance to Rajya Sabha and Lok Sabha. 
 
"Rashtra Niti (national interest) is above Raj Niti (politics)," he said, adding GST will prove to be a catalyst in strengthening trust between the Centre and the states as everything will be transparent. 
 
"I thank all political parties, as also state governments run by different parties. We are taking such a decision ... we have reached here after churning in Lok Sabha, Rajya Sabha, 29 states, their representatives and 90 parties. We are putting a stamp on the final decision," he said. 
 
Underlining that the development marks the "recognition of One India" and strengthens this concept, he said, "We are aligning ourselves with new taxation regime .... GST is a new 'moti' (bead) in this 'maala' (necklace)." 
 
He said his government's focus is economic and educational empowerment of the poor and mitigation of poverty. 
 
Modi asserted that the GST will benefit mainly those states which are considered backward and address the problem of imbalanced development. 
 
He acknowledged that manufacturing states will suffer losses but said they will be compensated. 
 
"August 8th marks a crucial step towards freedom from tax terrorism," the Prime Minister said, while recalling that this was the day in 1942 when Mahatma Gandhi had sounded the bugle of 'Quit India' which marked a major step towards the country's Independence. 
 
"GST can't be seen as a victory of a party or government. It is the victory for democratic ethos of India and a victory for everyone," he said, while noting that the measure was being supported by all parties, irrespective of different ideologies. 
 
The Prime Minister said the new indirect taxation regime, which will subsume 7-13 taxes, will help end corruption as traders will be compelled to give proper bills and the consumer will be the "king". 
 
It will also help reduce the problem of black money and lead to generation of jobs by benefitting the small traders and entrepreneurs, he said. 
 
Talking about benefits of GST, Modi said it will usher in simplification of procedures like filling of forms and bring about uniforminity of tax rates and processing. 
 
Responding to Congress' contention that GST was its idea being implemented by the NDA government, the Prime Minister acknowledged that all political parties and previous governments had contributed to making of the bill. 
 
In this context, he quipped, "janam koi de, lalan palan koi kare. Krishna ko janam kisne diya, bada kisne kiya? (somebody may give birth, but someone else may nurture. Who gave birth to Lord Krishna and who brought him up?)" 
 
At the same time, Modi said, "we do not have 'guroor' (arrogance) that his bill is the perfect one" even though "so many brains have made an effort which will have results". 
 
"It (making of GST) is a result of churning but it is true that we cannot be perfect and it cannot be ensured that in future there would not be any drawback," he said. 
 
Underlining that everyone dreams for "Ek Bharat Shreshtra Bharat' (One India, Great India)," he said, "this is not just a taxation system but all states and the Centre will develop a system where small or big accept it." 
 
He expressed happiness that GST bill was not allowed to be politicised and rather became a national matter. 
 
Image credit: Twitter

You Searched For "GST Constitutional Amendment Bill" and got 7 results

Breaking News: Parliament clears India's biggest tax reform since Independence, GST finally a reality

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Rajya Sabha panel gives thumb up to almost all the provisions of GST Bill

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Budget 2016: This is why GST will not be implemented by April 1, 2016!

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Next week’s agenda of Rajya Sabha FINALLY has a place for GST bill

BI India Bureau

No consensus on GST at all-party meet convened by Vice President Hamid Ansari

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GST Tangle: Arun Jaitley To Hold Discussions With State Finance Ministers

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Parliament passes GST Bill, PM Narendra Modi says it will help end tax terrorism

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