A step towards fulfilling the dream of GST.. GST Constitutional Amendment Bill passes in Lok Sabha. The Lok Sabha passes the much- awaited- delayed GST Constitutional Amendment Bill today. The heated debate since its introduction in 2009 may prove to be the biggest indirect tax reform.   

The bill was passed with 352 members voting in favour of the bill and 37 against. Through GST, a number of Central and State taxes would amalgamate into a single tax. This would mitigate double taxation effect.

A Constitutional Amendment Bill to facilitate the GST was introduced in the Lok Sabha on December 19 last year. The government proposed the GST rate be set at 27 percent, against the global average of 16.4 percent for similar taxes. The Finance Minister, Arun Jaitely assured that the new uniform indirect tax rate will be much less than 27% recommended by an expert panel.

Modi government is in power from almost a year and since then it is trying to bring GST in form. The bill has cleared the Lower House level. Now, bill shall be cleared in Rajya Sabha. The Modi Government has around just one week to do the needful to present the bill to Rajya Sabha in this session. The current session of Rajya Sabha ends on 13^th May. So, to fulfil the aim of introducing GST on 1^st April, 2016, it’s high time to work on it.

Many hopes are associated with the coming of GST in India. Lowering of inflation and promotion of growth is the highlight of GST. With the passing of bill in one House, GST has taken a small but major step for coming out of the files ver since it has been introduced.

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