GST Goods and Services Tax Bill by Arun Jaitely boosting Entrepreneurs in India
GST bill stands for Goods and Services Tax bill amended in Rajya Sabha by Arun Jaitley, who is the Finance Minister of India. Goods and Services Tax bill is the indirect taxation in India on the manufacture, sale and consumption of goods and services in all over India, replacing the Center and State Government. GST is applied to the sale or purchase of goods or services based on the input tax credit method. Through GST, businessman claims the tax credit to GST which they paid on the purchase of goods and services. From now there is only one rule on sale or purchase of goods and services named GST.
He made necessary step forward for having the uniform tax in the country. The constitution amendment bill was pending for a long time, dominantly because the Rajya Sabha was not able to reach the goal. Public opinion in favor of good and uniform service tax is much necessary said by Arun Jaitley. He said that he thinks the role of State Government role is much positive. Even the manufacturing state was of the opinion that they should help in plug in the leakages. Hence it is very difficult that state government belongs to every political party. He assures that as soon as the GST come then business in India is very easier, it would help India traders and also the citizens. The tax rate will be decreased. On decreasing of tax rate then many things are available in lower price.
The bill goes to 29 Vidhan Sabha of the country and then passes it to further for the establishment. Every government knows that it should establish anyhow and to check black money it is very beneficial. The revenue secretary tells that implementation of the bill is the contributions of so many officers. He thanks everyone for their hard work. This contribution is only because of the state level officers.
The approval of GST bill depends on the 29 states and 2 union territory with state legislatures of 31. We need approval by 16 states and after that president approval, cabinet approval also. Then GST laws are put up GST council. The old dealers need not be registered again, they will automatically in GST. The new registration for GST is very easy. After registration, you will get the GST tin number i.e. tax identification number. It is a deemed registration. For return filing there is two category; one is a business to the consumer they would not getting interstate sell and their return is very simple. Another one is Business to business then they follow four returns.
Ø Constitutional amendment solves vital issues like India's $2 trillion economy and 1.3 billion consumers into a single market for the first time.
Ø Replaces all the indirect taxes on goods and services like VAT, customs duty, surcharges, excise duty ,Sales tax, Entertainment tax , Luxury tax, Taxes on the lottery, betting and gambling, State Cesses and Surcharges etc.
Ø GST amends the constitution and needs two –third of 243 member Rajya Sabha to back it.
Ø GST will not apply to Jammu and Kashmir.
Ø It has instead specified compensation for five years for the states which will lose revenue because of GST, which earns states revenue from consumption. It has also called for a standing mechanism to settle disputes between the Centre and states.
Ø Chief Ministers who left and the Congress, now back in GST.
Ø Consumer will bear only GST by the last seller in the supply chain.
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