Home / Knowledge / News / Textiles / GST bill gets President's nod; paves way for GST Council
GST bill gets President's nod; paves way for GST Council
08
Sep '16
President Pranab Mukherjee has signed the Goods and Services Tax (GST) Bill, officially known as The Constitution (122nd Amendment) Bill. This paves the way for setting up of the GST Council. The Council will comprise of Union finance minister and state finance ministers. It will decide on tax rates and revenue threshold levels for traders.

Sharing of administrative control between the Centre and the states will also be decided by the Council.

The government is aiming to implement GST from April 1, 2017. But before that the GST Council needs to resolve important issues, post-which it can table supporting legislations like the Central GST law and the integrated GST law in Parliament, preferably in the upcoming winter session that begins in November.

“We have the months of September and October and parts of November to do that. So there is a lot of work to do and if you are able to successfully transact those issues, then in the winter session of Parliament the central legislations, with some drafts in public domain, will have to be brought in,” finance minister Arun Jaitley said yesterday at an event.

Termed as the biggest tax reform in Independent India, the GST bill aims at replacing all central indirect levies like excise duty, countervailing duty and service tax, as also state taxes such as value added tax, entry tax and luxury tax, by a single tax pan-India.

Analysts’ estimate that the implementation of the GST is will increase the country’s GDP growth by 1.5 to 2 per cent.

The implementation of the GST, however, could pose a challenge as transactions of producers and end consumers have to be linked. Moreover, taxes have to be matched on the IT systems of Centre, states and companies. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Textiles | On 26th Jul 2017

Textile Corp of America to create 1000 jobs in Tennessee

Textile Corporation of America Inc, a leading textile manufacturer,...

Courtesy: IVL

Textiles | On 26th Jul 2017

IVL completes PTA capacity expansion in Europe

Indorama Ventures Public Company Ltd (IVL), a global chemical...

Textiles | On 26th Jul 2017

Vietnam’s textile & garment exports cross $13bn in H1

Vietnam earned $13.... billion from textile and garment exports in...

Interviews View All

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X