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GST bill passed in LokSabha

News

  • The Lok Sabha on Wednesday gave its consent to a far-reaching amendment to the Constitution to pave the way for a pan-India goods and services tax regime and create a unified market across the country, doing away with multiplicity of central and state levies.
  • A government think-tank proposed the GST rate be set at 27 percent, well above the global average of 16.4 percent for similar taxes. Jaitley said the proposed rate would be too high and needs to be “much more diluted”.

Advantages

  • GST will reduce prices in the long run and boost economic growth.
  • The proposed GST would harmonise a mosaic of state and central levies into a national sales tax which business and policy makers hope would boost manufacturing and reduce corruption.
  • GST will give fillip to the trade and after GST there will be no tax on tax.

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