Home / Knowledge / News / Textiles / Maharashtra, Telangana ratify GST Bill; tally 11
Maharashtra, Telangana ratify GST Bill; tally 11
30
Aug '16
The state legislative assemblies of Maharashtra and Telangana today unanimously ratified the 122nd constitutional amendment bill that will enable the implementation of Goods and Services Tax (GST).
This takes the tally of states having approved the bill to 11. At least 16 states need to pass the bill before the President can notify the GST Council.
 
Assam, Bihar, Jharkhand, Himachal Pradesh, Chhattisgarh, Gujarat, Madhya Pradesh, Delhi and Nagaland have already ratified the bill which 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.
 
Moving the resolution in the Maharashtra state assembly finance minister Sudhir Mungantiwar said the state would not suffer financial losses post implementation of the GST due to a revenue-sharing mechanism with the Centre.
 
The minister announced a separate law to ensure compensation towards the loss of revenue to Brihanmumbai Municipal Corporation (BMC), as GST will abolish octroi duty, which is a major source of revenue for the BMC.
 
In Telangana, the GST bill was unanimously ratified at a special session of the two houses convened to exclusively take up the issue. Moving the resolution, chief minister K Chandrasekhara Rao assured the assembly that the state would not face any financial loss as the bill deals only with the commercial taxes component of VAT. He said the state will continue to earn revenue from taxes on petrol and excise duty.
 
He said the state would also benefit from the proposed share the state would get from the Service Tax, which would create additional revenue.
 
The bill was passed by the Lok Sabha and the Rajya Sabha earlier this month. (RKS)

Fibre2Fashion News Desk – India

Must ReadView All

Textiles | On 30th Sep 2016

South Indian mills seek cotton storage facility in Colombo

South Indian textile mills, primarily those in Tamil Nadu are looking ...

Textiles | On 29th Sep 2016

CAI keeps 2016-17 cotton output at 336 lakh bales

The Cotton Association of India (CAI) has estimated cotton crop for...

Courtesy: Nandan Denim

Textiles | On 29th Sep 2016

Nandan Denim to raise Rs 100 crore through FPIs

Indian denim fabric producer Nandan Denim Ltd (NDL) plans to raise Rs ...

Interviews View All

Pratik Bachkaniwala
Palod Himson Machines

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Mohammad Hassan
Biax Fiberfilm

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

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Pranav Mishra
Huemn

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

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 2016

September 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search