Tuesday, August 9, 2016

Parliament passes GST Bill

The long-delayed GST Constitution bill was passed by Parliament on Monday, marking a historic step for tax reforms+ . Prime Minister Narendra Modi said GST was "crucial" for ending tax terrorism besides reducing corruption and black money.

The GST will make consumer the "king", PM Modi said+ thanking all parties for their support to the Bill.

The Constitution (122nd Amendment) Bill, which was passed by the Lok Sabha in May 2015, was taken up again by the Lower House to approve the changes made in it by the Rajya Sabha last week.

The government had moved six official amendments, including scrapping of 1 per cent additional tax, to the bill which were approved by the Upper House.

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