Home / Knowledge / News / Textiles / GST crosses Rajya Sabha hurdle
GST crosses Rajya Sabha hurdle
03
Aug '16
The Constitution (122nd Amendment) [GST] Bill, 2014, dubbed as India’s biggest tax reform since Independence, has been passed by Rajya Sabha, the upper house of the Indian Parliament.

The bill converts 29 states into a single market through the new indirect tax regime. It will help create a single national sales tax to replace several state and central levies. Under the concept of 'one nation, one tax', the bill is aimed at removing 'tax on tax'. Once implemented, the historic economic reform bill is expected to give a major push to India's economic reforms.

GST regime will see a pooled sovereignty, where Centre and states will sit together for the purpose of tax, said finance minister Arun Jaitley earlier in the house while replying to the debate on the bill. “The Union of States cannot exist without the union. It is not a confederation of States,” Jaitley said.

While all parties supported the bill, J Jayalalithaa led AIADMK abstained from voting.

With major hurdle being cleared, the bill is most likely to be implemented from April 1, 2017, after it is ratified by more than half of states. The bill has already been passed by Lok Sabha.

Meanwhile, the Central government will need to get three more legislations passed, viz. Central GST (CGST), State GST (SGST) and Integrated GST (IGST). (RKS)

Fibre2Fashion News Desk – India

Must ReadView All

Courtesy: Ikea

Textiles | On 26th Apr 2017

Ikea’s product sourcing from India to double by 2020

Ikea, the global home furnishing giant from Sweden, plans to double...

Textiles | On 26th Apr 2017

CITA to add insufficiently available fabric in CAFTA-DR

The Committee for the Implementation of Textile Agreements (CITA) has ...

Courtesy: SKF

Textiles | On 26th Apr 2017

SKF brings predictive maintenance for machinery to India

SKF India, a global supplier of bearings, seals, mechatronics,...

Interviews View All

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

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

news category


Related Categories:
April 2017

April 2017

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

SUBSCRIBE


Browse Our Archives

GO


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