Aug 5, 2016 - States lobby for GST rate of over 20% to curb revenue loss

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Sree Vijaykumar

From the Editor's Desk
The GST bill was NOT passed yesterday. A constitutional amendment, which allows a concept called the GST to happen, and is not specifying the actual GST (which comes later as a separate bill) is what has been passed by the Rajya Sabha. The real GST bill will go through a parliamentary committee which will suggest changes and throw objections. This will have to be introduced in the houses in the winter session. States have to pass their own GST bills alongside with the GST, which is important otherwise the GST can't function properly. If things go right then we might see this bill implemented as an act by 2018. They're trying for 2017 but the implementation will have glitches as all the taxation agencies have to bring their software together in a very short time. So it's fair to say there's some work left. If you want the real deal on GST, this article by Deepak Shenoy breaks it down for you.

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