GST(Goods and Services tax)Bill passed in lok Sabha
The current topic which is grabbing eyeballs, is the application of the Goods and services tax(GST).Therefore we have tried to cover the basics of what GST actually is, over here!
GST(Goods and Services tax)Bill is looked upon by the GST council and the chairman of the GST council is the Union Finance Minister of India, Arun Jaitley.
Goods and Services Tax is the full form of GST. It was accepted by lok sabha. GST is an indirect removal of tax from goods, materials, sale and consumption as well as the services at a national level . As a result there will be an end to all the indirect taxes on goods ,services ,sales, materials etc. It will be applicable to both the central as well as state government of India. In addition, the Goods and Services tax is targeted at most of the goods and services .
What Arun Jaitley has to say:
A committee was set up by, the Atal Bihari Vajpayee administration in the year 2000 to set up Goods and Services Tax (GST) and to bring it into account.
But on 27 March 2017, our Finance Minister Arun Jaitley once again proposed GST bill in the lok sabha. It was then, eventually accepted. According to Arun Jaitley, GST will bring a full stop to the indirect tax in the country. This will make the prices of raw materials, and other goods lower.
GST rate will depend on, whether the goods or commodity are being used by rich or the common people . As the GST has been passed, the common man does not have to pay taxes on commodities. This will bring a sigh of relief to the common people. Furthermore, The opposing party member i.e the Indian nation congress leader Veerappa Moily says that India has lost 12 lakh crore due to the GST bill brought forward by the BJP(Bharatiya Janata party).
From 1st July, The GST bill will come into account, all over India. Arun Jaitley thinks that, this step will definitely be useful for the people of the country. The meeting for the GST bill took place for 8 hours and then GST was finally divided into 4 sections: