August 5, 2016 8:26 PM

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GST Bill likely to come up in Lok Sabha for passage on Monday

The GST Bill is likely to come up in the Lok Sabha for its passage on Monday. <br/><br/>It has been listed for the next week's legislative business in the House. The ruling BJP has already issued a whip to all its Lok Sabha MPs asking them to be present in the House on the day. <br/><br/>Prime Minister Narendra Modi is also expected to intervene in the debate over the Constitution Amendment Bill. It was passed by the Rajya Sabha on Wednesday with amendments which need to be again approved by the Lower House. <br/><br/>After its passage in the Lok Sabha, it will go to state assemblies for ratification. To become a law, the Bill needs ratification by half of the assemblies. <br/><br/>After the amendments are carried out, Parliament will pass GST and Integrated GST Bills and the assemblies will pass state GST Bill for the roll out of the tax reform.<br/><br/>The GST is aimed at bringing uniform tax regime in the country by subsuming state levies. <br/><br/>Under it, a single rate of GST will replace Central Excise, State VAT, entertainment, entry and luxury taxes to ensure seamless transfer of goods and services.

August 5, 2016 8:07 PM

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GST Bill likely to come up in Lok Sabha for passage on Monday

The GST Bill is likely to come up in the Lok Sabha for its passage on Monday. It has been listed for the next week's legislative business in the House. <br/><br/>The ruling BJP has already issued a whip to all its Lok Sabha MPs asking them to be present in the House on the day. It was passed by the Rajya Sabha on Wednesday with amendments which need to be again approved by the Lower House. <br/><br/>After its passage in the Lok Sabha, it will go to State assemblies for ratification. To become a law, the Bill needs ratification by half of the assemblies. <br/><br/>After the amendments are carried out, Parliament will pass GST and Integrated GST Bills and the assemblies will pass State GST Bill for the roll out of the tax reform.<br/><br/>The GST is aimed at bringing uniform tax regime in the country by subsuming state levies. Under it, a single rate of GST will replace Central Excise, State VAT, entertainment, entry and luxury taxes to ensure seamless transfer of goods and services.

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