Home / Knowledge / News / Textiles / GST bill reaches President's doorstep
GST bill reaches President's doorstep
01
Sep '16
With Odisha today becoming the 16th sate to ratify the Constitution Amendment Bill for Goods and Services Tax (GST), the ball is set for the presidential assent. Ratification of at least half of the total states was mandatory before the President can notify the GST Council, which will decide on GST rates. The Bill has already been passed by the Parliament.

The resolution for ratification of the bill was moved by chief minister Naveen Patnaik at a special one-day session of the assembly. The bill was unanimously approved.

“The overall tax burden on most commodities is expected to come down. The government will get the benefit of higher revenue efficiency. The business and industry will find it easier to comply with,” Patnaik said in the legislative assembly while speaking on the bill.

“We will separately request the government of India to consider state's concern for imposition of Green Tax on polluting goods in addition to GST,” Patnaik said. “We will also request the Centre to take appropriate action for CST compensation to the states up to 2016-17 for reduction of CST from 4 per cent to 2 per cent,” he added.

The 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. Termed as the biggest tax reform in independent India, the implementation of the GST is expected to 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

Tajik textile-apparel exports rise 30% in Jan-Aug 2018

Textiles | On 16th Oct 2018

Tajik textile-apparel exports rise 30% in Jan-Aug 2018

Tajikistan’s production of textile and apparel rose by 30 per cent in ...

Courtesy: Good On You

Apparel/Garments | On 16th Oct 2018

Good On You aims to give consumers access to brand info

Australia based Good On You, an app that provides ratings of over...

Courtesy: Rieter

Textiles | On 16th Oct 2018

Rieter launches new ring and compact spinning machines

Rieter has launched G 37 and G 38, the new ring spinning machines,...

Interviews View All

Shiladitya K Joshi, Truetzschler India Private Limited

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Smith Vaghasia, Sanado India

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Yash Maniyar, Rekha Maniyar

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Kalai Selvi,

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Ravi Raj Desai,

Ravi Raj Desai

Himalaya Cotton Yarn Ltd manufactures high quality denier. The spinning...

Tom Adeyoola,

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Ayyappa Nagubandi, Broadcast Wearables Pvt Ltd

Ayyappa Nagubandi
Broadcast Wearables Pvt Ltd

Hyderabad-based Broadcast Wearables has come up with the country's first...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

EDANA, the international association serving the nonwovens and related...

Justin Gutierrez, INDA

Justin Gutierrez
INDA

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

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

Tony Ward, Tony Ward

Tony Ward
Tony Ward

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

Adriano Goldschmied, AG Jeans

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

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