Global Apparel Market – An Overview | Watch NOW! | Ad
Home / Knowledge / News / Textiles / GST bill gets President's nod; paves way for GST Council
GST bill gets President's nod; paves way for GST Council
08
Sep '16
President Pranab Mukherjee has signed the Goods and Services Tax (GST) Bill, officially known as The Constitution (122nd Amendment) Bill. This paves the way for setting up of the GST Council. The Council will comprise of Union finance minister and state finance ministers. It will decide on tax rates and revenue threshold levels for traders.

Sharing of administrative control between the Centre and the states will also be decided by the Council.

The government is aiming to implement GST from April 1, 2017. But before that the GST Council needs to resolve important issues, post-which it can table supporting legislations like the Central GST law and the integrated GST law in Parliament, preferably in the upcoming winter session that begins in November.

“We have the months of September and October and parts of November to do that. So there is a lot of work to do and if you are able to successfully transact those issues, then in the winter session of Parliament the central legislations, with some drafts in public domain, will have to be brought in,” finance minister Arun Jaitley said yesterday at an event.

Termed as the biggest tax reform in Independent India, the GST bill 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.

Analysts’ estimate that the implementation of the GST is will increase the country’s GDP growth by 1.5 to 2 per cent.

The implementation of the GST, however, could pose a challenge as transactions of producers and end consumers have to be linked. Moreover, taxes have to be matched on the IT systems of Centre, states and companies. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

SABIC signs MoU with PRC province for petrochem complex

Textiles | On 26th Sep 2018

SABIC signs MoU with PRC province for petrochem complex

The Saudi Basic Industries Corporation (SABIC) recently announced the ...

New Pakistani federation to fight for workers' rights

Textiles | On 26th Sep 2018

New Pakistani federation to fight for workers' rights

The various unions in Pakistan’s textile and garment industry...

Courtesy: Pexels

Textiles | On 26th Sep 2018

Fitch raises growth forecast for India to 7.8% in 2018-19

Rating agency Fitch last week raised India’s growth forecast for...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

Denimsandjeans India 2018

Viral Desai, Zenitex Mill Pvt Ltd

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Frank Gossmann, Rotorcraft AG

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Maya Simova,

Maya Simova

Inter Expo and Congress Center (IEC) is a prominent exhibition centre in...

Manuele Baggini,

Manuele Baggini

Comec Italia Srl is a world leader in the production of printing machines. ...

Karen Lou,

Karen Lou

Australia-based Sunseeker has been creating swimwear since 1970. Sunseeker ...

Johan Berlin, Investkonsult Sweden AB

Johan Berlin
Investkonsult Sweden AB

Investkonsult Sweden AB are consultants in the nonwoven and absorbent...

Paige Mullis, Glen Raven Inc

Paige Mullis
Glen Raven Inc

Paige Mullis discusses the expansion plans of Glen Raven Inc in India, and ...

Iago Castro Asensio, RCfil Distribuciones S.L.

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Yash P. Kotak, Bombay Hemp Company

Yash P. Kotak
Bombay Hemp Company

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

Tony Ward, Tony Ward

Tony Ward
Tony Ward

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

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

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


October 2018

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

news category


Related Categories:

Advanced Search