Gst passed_ i’m half satisfied, says congress’s chidambaram – times of india

NEW DELHI: The Rajya Sabha on Wednesday passed the Goods and Services Tax (GST) Constitutional Amendment Bill which the Lok Sabha had already approved last year. Direct auto insurance number The exact rate of the tax will only be decided in the weeks or months ahead.

The legislation was approved by the Rajya Sabha with 203 votes in favour and none against, in the 243-member House.

Motor direct insurance The bill was passed after a after a seven-hour debate.

The main objective of the GST is to eliminate excessive taxation. Direct insurance claims GST is a uniform indirect tax levied on goods and services across a country. Western canadian direct insurance Many developed nations tax the manufacture, sale and consumption of goods using a single, comprehensive tax. Direct one insurance The roadmap for implementation of GST will be announced tomorrow, said Revenue Secretary Hasmukh Adhia.

“The GST bill will empower the states, will increase revenue of states as well as Centre. Metropolitan direct auto insurance address It’ll ensure that there is ‘no tax on tax’ “finance minister Arun Jaitley said on Wednesday in the Lok Sabha.

It was the Congress-led UPA government that was the first one to table an iteration of the bill, which it did on 2011. Direct auto insurance commercial It couldn’t pass the bill then due to opposition disagreement. Auto direct insurance quote Then the BJP-led NDA tabled another version of the bill in 2014. Direct insurance company claims That couldn’t pass because this time, it faced disagreement on some of the provisions of the bill from its opposition, mainly the Congress party.

For this 2016 version of the bill, Union finance minister Jaitley held several rounds of consultations with opposition parties and state governments. Phone number for dial direct car insurance His attempt was to bring everyone on board, because, notionally, most parties are in favour a single tax regime.

While the Congress party on Wednesday support the GST Constitutional Amendment Bill, it made it perfectly clear it will only approve a later GST ‘rate’ bill if that’s decided by both Houses of Parliament, and not just the Lok Sabha. Auto direct car insurance contact number As well, the standard rate of GST should not exceed 18%, the Congress said today in the Rajya Sabha.

Earlier today, Jaitley thanked the Congress. Aig direct insurance services inc “There has been major consensus building that has taken place. Direct online insurance uk I am extremely thankful to all opposition parties especially Ghulam Nabi Azad (of the Congress,” Jaitley said.

“I’m glad FM acknowledged that it was UPA govt that first officially announced the intention to bring GST,” the former finance minister P Chidambaram of the Congress said in the Rajya Sabha.”Hope the finance minister will pass GST bill not on strength of numbers but in strength of his arguments,” he added.

New Delhi, Aug. Canada direct insurance 3 (ANI): Former finance minister P. Candian direct insurance Chidambaram on Wednesday said that the Congress was never opposed to the idea of the Goods and Services Tax (GST), adding the grand old party did not support it as there were too many flaws in the earlier bill.

“In the last 18 months, the government tried passing GST without support but failed. Direct insurance careers The 2014 bill was opposed, the idea wasn’t because we felt it was possible to have a more perfect bill,” said Chidambaram.

“There is no such thing as a perfect bill. Direct insurance login But when we found there were too many flaws in it, we decided that we cannot support the bill,” he added.

Chidambaram, who was speaking after Finance Minister Arun Jaitley introduced the GST Bill in the Rajya Sabha, welcomed the government’s decision of dropping the provision of one percent inter-state transaction tax in the bill.

“I’m glad the Finance Minister acknowledged that it was the UPA government that first officially announced the intention to bring GST,” he added.

The Finance Minister earlier said the GST Bill is one of the most important tax reforms in India’s history, adding a reform like this legislation cannot be passed on partisan consensus.

“The GST Bill will empower the states. Open and direct car insurance derry It will increase revenue of states as well as Centre. Phone number for hastings direct car insurance It will ensure that there is “no tax on tax”,” said Jaitley.

The Finance Minister thanked all opposition parties, especially Leader of Opposition Gulam Nabi Azad, for supporting the government on the issue.

The BJP and Congress have issued a whip to all its members in the Rajya Sabha asking them to be present in the House for the next three days. Professionals direct insurance company grand rapids (ANI)

A GST will tax consumers rather than producers and effectively create a customs union between 29 states. Direct insurance company phone number After Parliament, the bill will then go to the states for approval. Auto direct insurance contact number Finally, a special GST Council, including state finance ministers, will need to agree on specifics including the tax rate. Auto direct insurance reviews That could take another year or so.

As it stands, the mooted reform will not cover alcohol consumption, electricity, real estate and petroleum products. Canadian direct auto insurance calgary Optimists hope that, over the years, these will be included. Canadian direct insurance vs icbc Pessimists fear the list of exemptions will only grow. Call direct line car insurance from abroad Even with the expected exclusions, and based on a 17 to 18 percent standard tax rate suggested by a government-appointed committee, the GST might add 80 basis points to growth, HSBC economists reckon.

Take automakers like Maruti Suzuki and Hero MotoCorp. Canadian direct insurance claims Analysts at Edelweiss reckon the new system could cut supply chain and inventory costs for the sector by up to 40 percent. Flux direct car insurance number If manufacturers lower prices for consumers, demand may also rise. Canadian direct auto insurance reviews Other sectors from cinemas to cement makers will also benefit.

Businesses have lobbied hard for the tax, with business lobby the Confederation of Indian Industry (CII) estimating the GST will add 1.5 to 2 percentage points to the annual economic growth rate.

“It will be a huge benefit to ease of doing business, it’s a huge potential efficiency gainer. Direct auto insurance call center It’s a very significant potential contribution to the economy in the longer term,” he said.

The actual tax is still some way off, however, with the government targeting April 2017 for its introduction, a date many experts say is overly optimistic.

While GST may push up inflation in the short term because the price of some goods will rise, economists say it will boost business activity and deter tax evasion.

About 150 countries worldwide have some form of GST or VAT (Value Added Tax), according to the Organisation for Economic Cooperation and Development.

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