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 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Nitin Bhatia
Trend Arrest

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

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Larry L Kinn
Suominen Corporation

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

Johan Berlin
InvestKonsult Sweden AB

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

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Madhu Jain
Madhu Jain

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

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search