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: ITMA 2015

Textiles | On 21st Jun 2018

Italy to host textile machinery fair ITMA in 2023

ITMA, the trendsetting textile and garment technology platform, will...

Courtesy: Connor Group

Textiles | On 21st Jun 2018

Protectionism top threat to textile sourcing: William Connor

Protectionism is the biggest political factor and threat affecting...

NRF urges US Congress to step in, stop trade war

Apparel/Garments | On 21st Jun 2018

NRF urges US Congress to step in, stop trade war

The National Retail Federation (NRF) recently urged the US Congress...

Interviews View All

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Mark Paterson
Technical Absorbents Ltd

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

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Tony Ward
Tony Ward

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

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Nisha Chanda
Whistling Woods International School of Fashion

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

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search