Home / Knowledge / News / Textiles / Parliament passes GST Bill; ball rolls over to states
Parliament passes GST Bill; ball rolls over to states
09
Aug '16
The Lok Sabha has approved the changes made in the Constitution (122nd Amendment) Bill, which now needs to be ratified by at least 16 of the 29 state assemblies, before it can be implemented.
 
Prime Minister Narendra Modi, speaking in the Lok Sabha, termed GST as a ‘Great Step by Team India’, ‘Great Step towards Transformation’ and ‘Great Step towards Transparency’.
 
The bill was passed in the Lower House after a six-hour debate with all the 443 members present voting in favour, with only the AIADMK members staging a walkout.
 
Earlier, while replying to the debate, finance minister Arun Jaitley said the tax rate under the GST will be kept at “minimum workable rate” as no state government can annoy its people by having a higher rate. He said the rate will be decided by the GST Council.
 
“GST is a game changing reform measure, particularly for manufacturing industries. It will reduce the expenditure in logistics and transportation. GST will help the textiles and other manufacturing industries as the embedded tax will be done away with,” said Binoy Job, secretary general, Confederation of Indian Textile Industry (CITI). (RKS)
 

Fibre2Fashion News Desk – India

Must ReadView All

Textiles | On 22nd May 2017

GST to be biggest achievement of Modi govt: ASSOCHAM

Goods and Services Tax (GST) which is near a roll-out would be the...

Textiles | On 22nd May 2017

Maintaining NAFTA benefits is crucial: Cotton council

The US must remain a participant in a vibrant North American Free...

Apparel/Garments | On 22nd May 2017

Retailers ask Congress not to go for consumption tax

The National Retail Federation has asked US Congress to focus on...

Interviews View All

Krishnanand Tripathi
Textrade International Ltd

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

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Mark Paterson
Technical Absorbents Ltd

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

Johan Berlin
InvestKonsult Sweden AB

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

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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...

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:
May 2017

May 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