Finally GST Bill is passed, All you have to know about it

Finance Minister Arun Jaitley on Wed shifted all the four bills under the Goods and Service Tax for consideration in Lok Sabha, where a seven-hour discussion period is ongoing to get the final acceptance from the lower house to successfully pass the bill.  

The ancient tax change came to a step nearer to meet its July 1 target on of roll out, with the Lok Sabha accepting four additional legislation. The legislation was approved after negation of a host of amendments moved by the resistance events.

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Image source: Trak.in

On Monday, finance minister Arun Jaitley presented four GST Bills in the Lok Sabha that offer for a maximum tax rate of 40 percent. The new legislation likewise has for the development of an anti-profiteering authority that will see the benefit of reduced taxation is handed down to customers, as well as creating Consumer Welfare Fund.

Goods will become a little bit less expensive after GST: Jaitley

Goods will become a little bit less expensive after a multiplicity of taxation is taken away in GST regime, Finance Minister Arun Jaitley today said in Lok Sabha while giving answers to Opposition’s issues over the GST Bills.

Before the voting on the GST bill, Jaitley started discussing around 7.30 p.m.

“There is no free circulation of products or solutions in the country. The reason for the new tax regime was to set up such a system that when goods and services flow across the company, taxation are charged at a consistent amount and a single screen,” said by Jaitley.