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

Apparel/Garments | On 21st Sep 2017

UK fashion exports £10.7 bn in 2016; highest till now

Exports of British fashion goods rose to £10.7 billion in 2016, the...

Apparel/Garments | On 21st Sep 2017

BFC announces partnership with Chinese firm JD.com

The British Fashion Council (BFC) has forged a new partnership...

Textiles | On 21st Sep 2017

Indonesia’s textile exports may reach $15 billion by 2019

Indonesia’s textile-related exports are projected to reach $15...

Interviews View All

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Larry L Kinn
Suominen Corporation

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

Kerem Durdag
Biovation II LLC

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

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

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

September 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

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

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

Yes No

Active Poll

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

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

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

Yes No

Active Poll

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

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

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

Active Poll

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

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


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